New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4235 - Job Retention And Defense Industry Working Capital Loan Program
Section 4235.5 - Eligible and ineligible applicants

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4235.5

Current through Register Vol. 45, No. 52, December 27, 2023

(a) An eligible applicant for financial assistance pursuant to section 4235.3(a)(1)-(2) of this Part shall mean an eligible business at imminent risk of reducing employment.

(b) The following enterprises are ineligible for financial assistance pursuant to section 4235.3(a)(1)-(2) of this Part:

(1) businesses in existence for less than three years;

(2) retail operations;

(3) professional corporations;

(4) overnight lodging facilities;

(5) personal service, medical, housing and real estate organizations; and

(6) businesses which are parties to litigation pending against the State.

(c) To the extent permitted by law, no full-time employee of the State of New York or any agency, department, authority, or public benefit corporation thereof shall be eligible to receive assistance under this loan fund, nor shall any eligible businesses or eligible recipients, the majority ownership interest of which is beneficially controlled by any such State employee, be eligible for assistance under this loan fund.

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