New York S02284 mandates prompt payment by contractors receiving public funds to small businesses and minority-owned business enterprises.

New York S02284 amends the state finance law to require contractors receiving public funds to pay amounts owed to small businesses and minority-owned business enterprises within 10 days of receipt of an undisputed invoice. This applies to projects where public funds constitute at least 30% of total project costs, exceeding $25,000. The bill defines "covered project" and "contractor" and specifies that failure to make payment results in interest accrual. The act takes effect immediately.

New York S02284 mandates prompt payment by contractors receiving public funds to small businesses and minority-owned business enterprises.

New York S02284 amends the state finance law to require contractors receiving public funds to pay amounts owed to small businesses and minority-owned business enterprises within 10 days of receipt of an undisputed invoice. This applies to projects where public funds constitute at least 30% of total project costs, exceeding $25,000. The bill defines "covered project" and "contractor" and specifies that failure to make payment results in interest accrual. The act takes effect immediately.