Governor Cuomo Signs the COVID-19 Emergency Protect Our Small Businesses Act of 2021 Establishing Eviction and Foreclosure Protections For Small…

Governor Andrew M. Cuomo today signed the COVID-19 Emergency Protect Our Small Businesses Act of 2021 (S471A/A3207) establishing eviction and foreclosure protections for small businesses. These new protectionsbuild-off of the Governor's Executive Order and commercial eviction and foreclosure moratorium that has protected businesses in New York State from eviction or foreclosure sinceCOVID-19 first arrived in New York in March 2020. The legislationwillinitiallyapply to small businesses with under 50 employees that demonstrate a financial hardship, as well as small businesses with 10 or less units.

"New York has gone to extraordinary lengths toprotect and strengthen our economythroughout the war on COVID,and it is critical that we continue to provide support as we ramp up our vaccination efforts across the state,"Governor Cuomo said. "By signing the COVID-19 Emergency Protect Our Small Business Act of 2021 we are strengthening the backbone of our economy - our small businessesthat have faced unprecedented hardships- and this legislation will be instrumental inhelping build New York's economy back better than everbefore."

The Governor has reached an agreement with the Legislature to expand the protections in the original legislation to additional business owners andlandlordssuffering financial hardship. When the new legislationis signedinto law, the agreement will expand protections to small businesses with 100 or fewer employees, and to any business with 500 or fewer employees that was closed to in-person operations by executive order or department of health directive for two or more weeks between May 15, 2020 and May 1, 2021.

The COVID-19 Emergency Protect Our Small Businesses Act of 2021 builds onanumber of other measures the Governor has taken to protect residents and businesses facing financial hardship.Governor Cuomo first announced a State moratorium on residential andcommercialevictionson March 20for a period of 90 daysto ensure no tenantwas evictedduring the height of the public health emergency. Thecommercialeviction and foreclosure moratoriumwas extendedmultiple times by Executive Order.

The COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (S.9114/A.11181),signed into law by the Governorin December, prevented residential evictions, foreclosure proceedings, credit discrimination and negative credit reporting related to the COVID-19 pandemic. It also extends the Senior Citizens' Homeowner Exemption and Disabled Homeowner Exemption from 2020 to 2021. The Act added to New York State's efforts to protect tenants and homeowners from the economic hardship incurredas a resultof the COVID-19 pandemic.The Governor signed the Tenant Safe Harbor Act on June 30,which became effective immediately andextended theevictionmoratorium fortenants until the Emergency expires. Additionally,Governor Cuomo signedlegislationto provide financial assistance toresidential renters to provide relief during the public health emergency. Governor Cuomo alsohas providedadditional protections for residential renters from charges for late payment of rent, and allowed tenants to use security deposits to pay rent for residential tenantsby Executive Order.

Senator Anna Kaplan said, "Our small businesses have been hit hard by the pandemic, and they need our help if they're going to survive these challenging times.The COVID-19 Emergency Protect Our Small Businesses Act, which I'm proud to have introduced, will hit the pause button on eviction and foreclosure proceedings for small businesses that are struggling, giving them a shot at survival, and giving them the opportunity to get back on their feet without the looming threat of being closed down for good just because they've fallen behind during the pandemic."

AssemblymemberHarry Bronson said,"Small businesses are the backbone of our economy, and equally important the backbone of our communities. These small businesses, especially those in economically disadvantaged communities, or those owned by people of color,have been even more disproportionately impactedby COVID-19. This legislation seeks to give these small businesses a fighting chance to emerge from this pandemic by helping both the business and their small business commercial landlord."

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Governor Cuomo Signs the COVID-19 Emergency Protect Our Small Businesses Act of 2021 Establishing Eviction and Foreclosure Protections For Small...