Small Business Recovery Act of 2020

Press release:

Assemblyman Steve Hawley is fighting for small business relief with the “Small Business Recovery Act of 2020,” an act that aims to provide critical financial help at a time when the survival of many small businesses hangs in the balance.

With small businesses making up 99 peaceful of business in New York State, and employing approximately half of the state’s workforce, the impacts of the COVID-19 virus, or coronavirus, threaten not only public health, but the entire state’s economy in the long term.

The Small Business Emergency Recovery Act of 2020 would:

• Immediately direct the state’s settlement reserve fund of $890 million toward small businesses;
• Create a 0-percent 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, and;
• Suspend all regulatory fees on small businesses for 180 days.

“Our citizens are diligently following instructions as given to them by the state government in the interest of stopping the spread of this terrible virus,” Hawley said. “I don’t think  this drastic shift in lifestyle should punish citizens and families who own small businesses and do what we as legislators have asked.

"It’s not only in the best interest of the economy to support these businesses, but as neighbors, it’s the right thing to do for our fellow New Yorkers.”