ALBANY, N.Y. (NEWS10) – Governor Andrew Cuomo on Tuesday signed the COVID-19 Emergency Protect Our Small Businesses Act of 2021, which establishes eviction and foreclosure protections for small businesses. These new protections build-off of the Governor’s Executive Order and commercial eviction and foreclosure moratorium.
The legislation will initially apply to small businesses with under 50 employees that demonstrate a financial hardship, as well as small businesses with 10 or less units.
“New York has gone to extraordinary lengths to protect and strengthen our economy throughout the war on COVID, and it is critical that we continue to provide support as we ramp up our vaccination efforts across the state,” Governor Cuomo said. “By signing the COVID-19 Emergency Protect Our Small Business Act of 2021 we are strengthening the backbone of our economy – our small businesses that have faced unprecedented hardships – and this legislation will be instrumental in helping build New York’s economy back better than ever before.”
Cuomo and the Legislature agreed to expand the protections in the original legislation to additional business owners and landlords suffering financial hardship. When the new legislation is signed, protections will cover small businesses with 100 or fewer employees. It will also cover any business with 500 or fewer employees that was closed to in-person operations for two or more weeks between May 15, 2020 and May 1, 2021.
The Act builds on other measures the Governor has taken to protect residents and businesses facing financial hardship, including the State moratorium on residential and commercial evictions.