Assemblyman Kevin Byrne (R,C,Ref-Mahopac) is joining his Assembly colleagues in proposing the Small Business Emergency Recovery Act of 2020. The act would provide immediate relief and assistance to small business owners and their employees amid the COVID-19 outbreak.
We have been thrust into an unprecedented situation which has not only jeopardized public health but places significant hardships on New Yorks small businesses, said Byrne. In order to prepare for this and provide needed relief to small business owners and their employees, we are proposing the Small Business Emergency Recovery Act of 2020. Our state must take action now to ensure that once we do recover from the present public health emergency, we will be in a position to restore our economy and better serve all New Yorkers. To start, we must take some bold actions such as directing the states settlement reserve fund toward supporting small businesses, which employ nearly half of New Yorks workforce. Some of the other proposed measures are just basic common sense such as extending tax deadlines and suspending all regulatory fees on small businesses. Regardless, we need to make this happen now, before small businesses suffer to a point where they cannot recover.
The Small Business Recovery Act of 2020 will do the following:
- 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;
- Repurpose 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.