Assemblyman Michael Montesano (R,C,I-Glen Head) is pleased to announce that the Assembly Minority Conference has introduced the Small Business Emergency Recovery Act of 2020 in an effort to help small businesses which are struggling to survive during the COVID-19 outbreak.
As Im sure many are aware, we arent just facing a health crisis with the COVID-19 outbreak, we are also facing a financial crisis, said Montesano. As many businesses are forced to shut their doors due to mandatory closures, many business owners are starting to struggle to make ends meet. This in turn affects their employees and the economy. Its heartbreaking to think that some of these businesses might not reopen once this is all over. Small businesses are the backbone of our communities. They make up 99 percent of New Yorks businesses, so they must be protected.
For this reason, the Assembly Minority Conference is proposing the Small Business Emergency Recovery Act of 2020, to help these small businesses through such a difficult time. It is important we take action now, before it is too late and businesses are unable to recover.
This act would do the following:
- Immediately direct the states settlement reserve fund of $890 million to small businesses;
- Create a 0% 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.