New York State Assembly Republicans have proposed the Small Business Emergency Recover Act of 2020. If the Act is passed, it would: provide the State's settlement reserve fund of $890 million to small businesses; provide loans to small businesses at 0% interest; re-purpose tax credits for small businesses; move tax deadlines ahead 180 days; freeze all regulatory fees for small businesses for 180 days; and freeze the plastic bag ban for grocery stores for 180 days.
Should this or similar legislation pass, you can count on Colligan Law to keep you informed.
“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.”
