Assembly SFY 2022-23 Budget Invests in Small Businesses and the Arts, Building Back New York's Economy

Speaker Carl Heastie; Small Business Committee Chair Al Stirpe; Economic Development, Job Creation, Commerce and Industry Chair Harry B. Bronson; and Tourism, Parks, Arts and Sports Development Committee Chair Daniel J. O’Donnell today announced that the Assembly State Fiscal Year (SFY) 2022-23 Budget investments in programs that support our small businesses, encourage innovation and help rebuild New York’s economy.

“New Yorkers are still feeling the economic impacts of the COVID-19 pandemic,” Speaker Heastie said. “The Assembly Majority is committed to passing a budget that gets people back to work, helps our small businesses and arts and cultural institutions recover, and builds our state back stronger than ever.”

“This budget invests in our state’s economy and in our people,” Assemblymember Bronson said. “Businesses and theaters and museums closed their doors to prevent the spread of COVID-19, and some are still feeling the effect. The Assembly Majority will continue to invest in the small businesses and cultural institutions that are at the heart of our communities and our state’s economy.”

“Small businesses are the heart of our communities and essential to our state’s economy,” Assemblymember Stirpe said. “Our budget reflects those values by funding programs to help restaurants that had to close their doors and reduce seating get back on track, and help small businesses with big technological research get the funding they need to commercialize and reach their full potential.”

“Arts are the beating heart of New York,”Assemblymember O’Donnellsaid. “In every corner of our state, the arts provide jobs, stimulate economic activity, and promote tourism. The arts foster community, tell important stories, and they support, inspire, and improve our lives in many ways. But the pandemic took its toll on the arts and artists across our state, and many are still struggling. The Assembly Budget recognizes both the vital role of the arts and the ongoing challenges, and it delivers a landmark commitment to art and artists in our state.The Assembly’s Budget contains historic investments that will help the industry bounce back, flourish, and reach ever greater achievements.”

Last year, the Assembly Majority fought to ensure the enacted budget included funding for the Restaurant Resiliency Grant program to help restaurants that had been impacted by COVID-19. The Assembly’s SFY 2022-23 Budget includes a second round of $25 million for the program to help New York’s restaurants continue to recover and rebuild.

The arts and institutions like theaters and museums were hit especially hard by the pandemic. To help them recover, the Assembly spending plan includes an additional $143.5 million for the New York State Council on the Arts (NYSCA) and other arts programs. The budget includes $82.5 million in additional support for NYSCA grants for a total of $125 million, $40 million additional pandemic support recovery grants for a total of $80 million, an additional $20 million for the Arts and Cultural Facilities improvement program for a total of $40 million, and $1 million for stabilization grants for small and midsized arts organizations.

The Assembly’s spending plan also includes:

• $500 million for market and shovel ready sites within the Regional Economic and Community Assistance program;
• An additional $5.5 million for the Centers of Excellence, which would result in each center receiving $1.25 million;
• $5.2 million for the Centers for Advance Technology (CAT) program, which results in $1.25 million for each CAT; and
• An additional $365,000 for the Minority and Women Owned Business Enterprise (MWBE) Development and Lending Program for a total of $1 million.

The Assembly Majority is committed to investing in green technology and infrastructure, and this year’s budget includes $500 million for the development of offshore wind ports. Also included in the Assembly Budget are:

• $320 million for the New York Works Economic Development Fund;
• $300 million in state funding to ensure access to highspeed internet across the state, this is in addition to $1.1 billion in federal funding, for a total of $1.4 billion; and
• $250 million for the Restore New York Communities Initiative.

The Assembly Budget includes $50 million to support the Cannabis Management Program and provides assistance to socially and economically disadvantaged individuals in relation to the establishment of retail cannabis dispensaries. This funding will help implement the sale of adult use marijuana in New York State, which will create jobs across different industries, from agriculture to retail.

The Assembly Budget also supports the proposal to provide $75 million for the Innovation Venture Competition program and would provide $6 million to establish a state grant program to provide funding to small businesses that have been awarded federal grants under the Small Business Innovation Research (SBIR) program and Small Business Technology Transfer (STTR). This new program will assist small businesses engage in research and development, explore their technological potential, and help them become profitable and create jobs.