The State of New York is working hard to alleviate financial pressure off of small businesses throughout the state. Thusfar, the state has primarily used administrative tools to provide relief, though we believe more resources may become available in the future. If you have any questions on how to access these resources, please reach out to us.
Suspension of Commercial and Residential Evictions: New York PAUSE, Governor Andrew Cuomo’s plan to slow and stop the spread of Coronavirus in New York State, includes a providion that all commercial and residential evictions are suspended state-wide for 90 days. Learn more here.
It’s important to note, this is not rent relief. Generally speaking, you are still obligated to pay your rent, and your landlord is not under any obligation to offer flexibility. We will update this page if any rent relief measures are adopted at the state level.
No Fee Deferment of State Sales Taxes: Another component of New York PAUSE allows businesses affected by the COVID-19 Outbreak to defer the payment of state sales taxes that were due on March 20th. You will not face any interest or fees through April 25th, but you must still file the taxes. Only the actual payment is deferred. If this is extended to include additional months, we will update this page. Get more information here.
Property and Casualty Insurance Premiums Deferred: Small businesses of 100 employees or less affected by COVID-19 are able to defer payments on any property and casualty premiums due within the next 60 days. The premiums will be paid back over the course of 12 months in equal installments, with no penalties or late fees. Additionally, the State Department of Financial Services has ordered insurers to allow affected businesses 60 days to decide whether or not to cancel or renew their policy. Learn more here.
