Assemblyman Steve Hawley (R,C,I-Batavia), Assemblyman Peter Lawrence (R,C,I-Greece), and their colleagues in the Assembly Minority Conference are sponsoring the introduction of the “Small Business Recovery Act of 2020,” an act that aims to provide critical financial help at a time when the survival of many small businesses hangs in the balance. With small businesses making up 99% of business in New York state, and employing approximately half of the state’s workforce, the impacts of the COVID-19 virus, or coronavirus, threaten not only public health, but the entire state’s economy in the long term.
The Small Business Emergency Recovery Act of 2020 would:
•Immediately direct the state’s settlement reserve fund of $890 million toward small businesses;
•Create a 0% interest loan program dedicated to helping small businesses meet their payroll commitments;
•Repurpose available tax credits to help the needs of the state’s existing small businesses;
•Use all economic development discretionary funding for existing small businesses within New York state;
•Move tax deadlines for remittance, business tax, and personal income tax ahead 180 days, and;
•Suspend all regulatory fees on small businesses for 180 days.
“Our communities and small businesses are facing some trying times right now,” said Lawrence. “Many small businesses and their employees are being forced to close their doors to prevent the spread of the coronavirus. Our communities rely heavily on small businesses and the resources they provide to our residents. It is more important now than ever that we provide them with assistance and the resources they need to stay afloat. I am very proud to join the Conference in announcing this legislation today and hope the governor will consider the Small Business Emergency Recovery Act moving forward.”
“Our citizens are diligently following instructions as given to them by the state government in the interest of stopping the spread of this terrible virus,” Hawley said. “I don’t think this drastic shift in lifestyle should punish citizens and families who own small businesses and do what we as legislators have asked. It’s not only in the best interest of the economy to support these businesses, but as neighbors, it’s the right thing to do for our fellow New Yorkers.”
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