Small Business

Requires the division of small business to conduct a study on stakeholder interest in a pilot program matching small businesses with content creators on or before January 1, 2027.

Requires small businesses to have and maintain a first aid kit on the premises of the business at all times and to store such kits in an accessible location and to make such kits available for use by any person who enters the premises of the business.

This bill expands access to small business loans for New York's smallest businesses. It defines a "microbusiness" as an independently owned, non-dominant business with under five employees operating for at least five years in designated economic zones (like Empire Zones). The law requires the state's Urban Development Corporation to allocate at least $5 million specifically for loans to these microbusinesses, making them eligible for the same revolving loan programs and interest rate reductions previously available to larger small businesses. This directly affects qualifying microbusinesses in targeted communities seeking affordable financing.

Relates to small business energy assistance and advocacy services; establishes the small business energy assistance and advocacy services program within the division for small-business; authorizes the division for small-business to initiate complaints to the public service commission regarding gas and electricity and steam heat.

Bill A 7991 authorizes eligible small businesses to establish tax-deferred savings accounts. These accounts allow small businesses to deposit up to $5,000 annually, with both the deposits and any earned interest being tax-deferred. Funds withdrawn from these accounts are not taxed if used for "qualifying purposes," such as purchasing tangible business property or other expenditures that enhance competitiveness and create or retain jobs. However, withdrawals made for non-qualifying purposes would be included in the business's taxable income. The Department of Economic Development and the Department of Taxation and Finance will provide annual reports on the program's utilization and economic impact.