The provision of bridge loans to contractors.
Introduced
Moved
Reached a final decision
Introduced Mar 7, 2024
Official status: Filed (End of Session)
Derived from the official record below.
Officially: “A Local Law to amend the administrative code of the city of New York, in relation to the provision of bridge loans to contractors” Read the full text
Contracts
What it does
Due to a slow procurement process, many entities that enter into contracts with city agencies begin to provide services before the agency can pay them. This can make it difficult for contractors to cover their expenses. This bill would require that certain not-for-profit corporations that contract with the Department of Small Business Services to provide economic development services for New York City provide bridge loans to contractors who have contracts with the City that are valued at no more than $500,000 and who are not receiving payments from the City in a timely manner.
Summary written by City Council staff, from the official record. Plain-language AI rewrite with cited sections coming. Not legal advice.
Where it is
Introduced by Council · Mar 7, 2024
Referred to Comm by Council · Mar 7, 2024
Hearing Held by Committee · Jun 4, 2024
Committee on Contracts
Laid Over by Committee · Jun 4, 2024
Committee on Contracts
Filed (End of Session) · Dec 31, 2025
Official documents
Summary of Int. No. 510
officialInt. No. 510
officialMarch 7, 2024 - Stated Meeting Agenda
officialHearing Transcript - Stated Meeting 3-7-24
officialMinutes of the Stated Meeting - March 7, 2024
officialCommittee Report 6/4/24
officialHearing Testimony 6/4/24
officialHearing Transcript 6/4/24
officialStraight from the Council record: fiscal impact statements, committee reports, and hearing transcripts as filed.
The numbers
3
sponsors on the bill
Sponsors
Who is lobbying on this
From 1 City Clerk eLobbyist filing naming this bill (2024). Filings are self-reported by lobbying firms and show who is paid to influence this bill. They do not say which side, or whether it worked.
Every fact on this page links to its source, starting with the official bill record. Last action: Filed (End of Session) (Dec 31, 2025).