Provides that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions

Latest action Mar 4, 2026

Provides that microbusinesses in New York are eligible for small business revolving loans and the linked deposit interest rate reductions.

Not chosen yet

Where it stands

Passed one of the two chambers; it still needs the other.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Amends the Economic Development Law.

Committee

Commerce, Economic Development And Small Business · New York State Senate

Also referred to Small Business · New York State Assembly.

Purpose, from the sponsor's memo

To provide that microbusinesses in New York are eligible for small busi- ness revolving loans and the linked deposit interest rate reductions.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Committee vote · Commerce, Economic Development And Small Business
Senate Commerce, Economic Development And Small BusinessMar 4, 2026Result: passed
(9) (0) (0) (0)
Vote: Floor vote
NY SenateJun 11, 2025Result: passed
(58) (1) (0) (4)
Vote: Committee vote · Commerce, Economic Development And Small Business
Senate Commerce, Economic Development And Small BusinessApr 29, 2025Result: passed
(8) (0) (0) (1)

The sponsor's argument

Why April Baskin says this is needed

Microbusinesses have been estimated to constitute around 90% of all businesses within New York State by the Association for Enterprise Opportunity. A microbusiness is a business that has five or fewer employees. Given their nature, it is often difficult for microbusiness owners to access capital through lending institutions. A microbusiness can consist of a wide variety of businesses that run from 'mom and pop' shops to start-up tech companies. These businesses are both the backbone and the future of our economy. Given their prevalence and importance, this bill adds the definition of microbusinesses to the law in order to allow for their inclusion in successful state programs, including the linked deposit program and small business revolving loan fund.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Mar 4, 2026
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
Jan 7, 2026
Died in Assembly
DIED IN ASSEMBLY
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
NY Senate
Jun 11, 2025
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
Jun 11, 2025
Passed a chamber
PASSED SENATE
NY Senate

Show full history (5 earlier events)

Jun 11, 2025
Referred to committee
REFERRED TO SMALL BUSINESS
NY Assembly
May 1, 2025
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
Apr 30, 2025
2ND Report CAL.
2ND REPORT CAL.
NY Senate
Apr 29, 2025
1ST Report CAL.727
1ST REPORT CAL.727
NY Senate
Mar 4, 2025
Referred to committee
REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Nov 2, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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