Provision of interest-free loans to small businesses, non-profits and freelance workers following certain emergency circumstances.

A Local Law to amend the administrative code of the city of New York, in relation to the provision of interest-free loans to small businesses, non-profits and freelance workers following certain emergency circumstances

This bill would require the Department of Small Business Services to create an interest-free loan program for small businesses, non-profit organizations and freelance workers forced to close or operate at reduced capacity due to the impacts of a natural disaster, state of emergency or other emergency circumstances. Qualifying small businesses would be able to use these loans for operating expenses such as rent, payroll, insurance, equipment and inventory costs.