“The “Small Business Emergency Recover Act of 2020” is a coordinated, targeted response to an unprecedented crisis. As the state works to provide critical information and assistance while taking precautions and actions to limit the spread of the coronavirus, we must recognize that New York’s small businesses have also been severely impacted and devastated by this crisis. Mandated workforce reductions, customer limitations and closures have crippled many small businesses and compromised their ability to make ends meet and survive. This is leading to job layoffs and the potential permanent closure of many small businesses, hurting families and our local and state economy. Blood, sweat and tears have built the family businesses that have become part of the fabric of our communities. We must take immediate action to support and protect them and their workers,” said Palmesano.

The “Small Business Emergency Recovery Act of 2020” would:

-Immediately direct the state’s settlement reserve fund of $890 million to 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;

-Suspend all regulatory fees on small businesses for 180 days; and

-Suspend the plastic bag ban for grocery stores for 180 days.

“Nearly 99 percent of the businesses in New York state are small businesses and their owners employ half of our state’s workforce. They are our economic engine. We have to get through this together, and this emergency relief package is a common-sense step in the right direction to provide some much-needed assistance to our small business community and the workers they employ,” concluded Palmesano.