- Associated Press - Thursday, December 24, 2015

ALBANY, N.Y. (AP) - A new law will direct New York state agencies to generally pay small businesses within 15 days of receiving an invoice instead of 30 days.

It takes effect in six months and applies to invoices after that.

Assemblyman Michael Blake says in his sponsor’s memo that the new standard gives agencies time to implement the change in state finance law, which applies to contracts other than highway construction.

The Bronx Democrat says it should help sustain businesses with limited funds.

Interest would accrue on late payments.

Small businesses are defined as having their primary place of business in New York and being independently owned and operated, with no more than 300 employees.

Conditions justifying delays include goods or services not delivered, insufficient fund balances or other reasons that should be resolved “as soon as possible.”

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