Bill Text: NY S08325 | 2021-2022 | General Assembly | Introduced
Bill Title: Establishes a matching grant program for small businesses receiving phase one or phase two funding under the federal small business innovation research program or the small business technology transfer program to promote commercialization and cover certain expenses.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2022-06-03 - COMMITTED TO RULES [S08325 Detail]
Download: New_York-2021-S08325-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8325 IN SENATE February 14, 2022 ___________ Introduced by Sen. KAPLAN -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Devel- opment and Small Business AN ACT to amend the economic development law, in relation to establish- ing a matching grant program for certain small businesses receiving funding under the federal small business innovation research program or the small business technology transfer program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The economic development law is amended by adding a new 2 section 138-a to read as follows: 3 § 138-a. Small business innovation research and small business tech- 4 nology transfer grant program. 1. The commissioner, in consultation with 5 the division for small-business, shall establish a grant program to 6 provide funds to small businesses who have been awarded phase one or 7 phase two grants under the federal small business innovation research 8 program or the small business technology transfer program. Such grants 9 shall be awarded based on a company's potential for commercialization 10 and job growth. 11 2. The grant program established pursuant to this section shall be 12 staged over a period of three years. The funding amounts for such grant 13 program shall be as follows: 14 (a) For small businesses that have been awarded phase one funding 15 under the federal small business innovation research program or the 16 small business technology transfer program, the amount shall be one 17 hundred thousand dollars in year one, two hundred thousand dollars in 18 year two, and five hundred thousand dollars in year three. 19 (b) For small businesses that have been awarded phase two funding 20 under the federal small business innovation research program or the 21 small business technology transfer program, the amount shall be one 22 hundred thousand dollars in year one, two hundred thousand dollars in 23 year two, and five hundred thousand dollars in year three. 24 3. (a) In the first year of the program, twenty small businesses shall 25 be awarded grants of one hundred thousand dollars. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14539-05-2S. 8325 2 1 (b) In the second year of the program, ten small businesses shall be 2 chosen from the companies that were awarded a grant in the first year, 3 to receive grants in the amount of two hundred thousand dollars. 4 (c) In the third year of the program, four small businesses shall be 5 chosen from the companies that were awarded a grant in the second year, 6 to receive grants or equity, depending on the situation, in the amount 7 of five hundred thousand dollars. 8 4. Such funds awarded pursuant to this section shall be used to expe- 9 dite commercialization and generally used to cover expenses not allowed 10 under the federal small business innovation research program or the 11 small business technology transfer program, including but not limited to 12 patents and marketing studies in sales efforts. 13 5. Such funds shall be awarded on condition that the small business 14 recipient remains headquartered in the state for at least two years 15 following the successful commercialization of the business's product or 16 products. Any small business that has received funding under this 17 program that is not headquartered in the state for at least two years 18 following the successful commercialization of the business's product or 19 products shall return all grant awards to the state. If the small busi- 20 ness ceases operations before two years after the commercialization of 21 its product or products, such business shall be eligible for a waiver of 22 this clawback provision, as determined by the commissioner, in consulta- 23 tion with the division of small business. 24 6. The commissioner, in consultation with the division for small busi- 25 ness, shall establish the form and manner in which applications for 26 grant awards shall be submitted and shall establish guidelines for the 27 grant program. The department shall review each application for compli- 28 ance with the eligibility criteria and other requirements set forth in 29 the program guidelines established by the commissioner. The department 30 may approve or reject each application or may return an application for 31 modifications, if necessary. 32 § 2. This act shall take effect one year after it shall have become a 33 law. Effective immediately, the addition, amendment and/or repeal of any 34 rule or regulation necessary for the implementation of this act on its 35 effective date are authorized to be made and completed on or before such 36 effective date.
