Assemblyman Karl Brabenec (R,C,I-Deerpark) has responded to the “Small Business Emergency Recovery Act of 2020” that was proposed by the Assembly Minority Conference earlier today. The proposal would provide immediate assistance to small businesses in New York that are being significantly impacted by the current COVID-19 outbreak.
As the State Budget quickly approaches, it is imperative that fiscal relief be included for small businesses and employees. The “Small Business Emergency Recovery Act of 2020” will:
- Immediately direct the state’s settlement reserve fund of $890 million to 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;
- Suspend all regulatory fees on small businesses for 180 days; and
- Suspend the plastic bag ban for grocery stores for 180 days.
“Every aspect of society is being affected by this virus,” said Brabenec. “Schools are closed, employees are working from home and small businesses are on the fritz. This proposal to support 99% of all New York state businesses should be a no-brainer for the budget. We’re talking about our economy here- both now and in the long-term. The “Small Business Emergency Recovery Act of 2020” needs to be included in the budget to prevent further instability of the small business sector.”