21 CRR-NY 4208.4NY-CRR
21 CRR-NY 4208.4
21 CRR-NY 4208.4
4208.4 Eligible and ineligible costs.
(a) Proceeds of project loans may be used to finance:
(1) new construction, renovation or leasehold improvements;
(2) the acquisition of land, buildings, machinery and equipment;
(3) working capital, provided that the term for a working capital loan shall be no longer than four years and that a working capital loan shall not exceed $500,000 or 50 percent of the total estimated cost of the project, whichever is less; and
(4) costs related to the above, including, without limitation, legal expenses, appraisal costs, brokerage commissions, interest costs, survey expenses, architectural and engineering fees, site preparation expenses and relocation expenses.
(b) The following costs are ineligible for funding under this program:
(1) expenses incurred prior to application for program assistance; and
(2) payment of tax or employee benefit arrearages.
21 CRR-NY 4208.4
Current through September 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.