N.Y. Comp. Codes R. & Regs. tit. 21 § 4235.5

Current through Register Vol. 46, No. 25, June 18, 2024

Section 4235.5 - Eligible and ineligible applicants

(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.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4235.5