Establishes an economic development grant program for businesses in the Second Avenue Subway construction area.
The bill creates an economic development grant program to provide financial and technical assistance to businesses in the Second Avenue Subway construction area. The program offers grants for capital improvements, marketing, and advertising costs. It also provides payroll assistance, rental payment assistance, utilities, and insurance for endangered businesses, which have experienced a 30% decline in taxable income. Terminal businesses, with a 50% decline, receive similar assistance. The program includes technical assistance, professional counseling, and other support services.
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