Ashby Joins Assembly Minority Colleagues in Asking for Small Business Emergency Recovery Act Of 2020
Assemblyman Jake Ashby (R,C,I,Ref-Castleton) is joining his Assembly Minority colleagues in calling for the inclusion of the Small Business Emergency Recovery Act of 2020 in this weeks legislative efforts to pass a fiscal plan and provide a response to the COVID-19 health emergency. Small businesses in Rensselaer, Columbia and Washington counties and throughout the state are already facing impacts from the coronavirus outbreak, which have affected their hours or have even required them to close entirely.
The COVID-19 outbreak has altered the lives of so many New York residents and communities. Our response in the Legislature must address the needs of patients, healthcare and containment, but we must not forget our small businesses, said Ashby. I believe the Small Business Emergency Recovery Act of 2020 will give our small businesses the lift they will need to recover.
As legislators and the governors office engage in negotiations for the 2020-21 State Budget, it must be a priority to stabilize local and state economies and offer fiscal relief and protections for small businesses and their employees.
- The Small Business Emergency Recovery Act of 2020 will:
- Immediately direct the states settlement reserve fund of $890 million to small businesses;
- Create a zero percent interest loan program dedicated to helping small businesses meet their payroll commitments;
- Re-purpose available tax credits to help the needs of the states 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;
- Suspend all regulatory fees on small businesses for 180 days; and
- Suspend the plastic bag ban for grocery stores for 180 days.
Small businesses account for nearly 99 percent of business enterprises in the state and are its largest employer, providing jobs for about half of the states workforce.