New York S02683 creates a federal contract workers assistance program to provide loans to small businesses affected by a federal government shutdown.

New York S02683 amends the economic development law to create the federal contract workers assistance program. This program allows the state to provide loans to small businesses that meet specific criteria. To qualify, a business must be a small business, have a current federal government contract, and demonstrate financial hardship due to a federal government shutdown. The loans are intended solely for payroll purposes and must be repaid within twelve months. The amount of the loans is determined by the commissioner but cannot exceed the amount appropriated.

New York S02683 creates a federal contract workers assistance program to provide loans to small businesses affected by a federal government shutdown.

New York S02683 amends the economic development law to create the federal contract workers assistance program. This program allows the state to provide loans to small businesses that meet specific criteria. To qualify, a business must be a small business, have a current federal government contract, and demonstrate financial hardship due to a federal government shutdown. The loans are intended solely for payroll purposes and must be repaid within twelve months. The amount of the loans is determined by the commissioner but cannot exceed the amount appropriated.