March 15, 2021
Advantage Group: Industry Bulletin 2021-03
As an update to our earlier bulletin issued on February 9, 2021, we have continued to track Senate Bill 471A, known as the "COVID-19 Emergency Protect Our Small Businesses Act". This is a companion bill to the earlier COVID Act that was to protect homeowners. We originally thought that this bill would have been signed earlier, but it appears that the intention is to expand the rules to larger businesses and that this may have held up the original execution. Presently, the act only applies to businesses of less than 50 employees that demonstrate a financial hardship, as well as small businesses with 10 or less units.
The press release by the Governor, "Governor Cuomo Signs the COVID-19 Emergency Protect Our Small Businesses Act of 2021 Establishing Eviction and Foreclosure Protections For Small Businesses | Governor Andrew M. Cuomo (ny.gov)", indicated that they seek to expand the protections to additional business owners and landlords suffering financial hardship. This new legislation will expand protections to small businesses with 100 or fewer employees, and to businesses with 500 or fewer employees that were impacted by directed closures between the dates of May 15, 2020 and May 1, 2021.
Please contact David Schwartzberg, Esq., Executive Vice President at 631-549-7721 or firstname.lastname@example.org with any questions.