Signed by Governor Andrew Cuomo

Vote Smart's Synopsis:

Vote to pass a bill that extends small business benefits established under the "COVID-19 Emergency Protect Our Small Business Act of 2021".

Highlights:

• Defines "eviction proceeding" as a summary proceeding to recover possession of real property under article seven of the real property actions and proceedings law relating to a commercial unit or any other judicial or administrative proceeding to recover possession of real property relating to a commercial unit (Sec. 1-1).

• Defines "tenant" as a commercial tenant that is a resident of the state, independently owned and operated, not dominant in its field and either employs 100 or fewer persons, or, the commercial tenant's business was closed to in-person operations by executive order or department of health directive for two or more weeks between May 15, 2020 and May 1, 2021, and employs 500 or fewer persons (Sec. 1-3).

• Establishes the following criteria for businesses to relief from the COVID-19 pandemic (Sec. 5):

• Significant loss of revenue during the COVID-19 pandemic;

• Significant increase in necessary out-of-pocket expenses related to providing personal protective equipment to employees or purchasing and installing other protective equipment to prevent the transmission of COVID-19 within the business;

• Moving expenses and difficulty in securing an alternative commercial property make it a hardship for the business to relocate to another commercial property during the COVID-19 pandemic; and

• One or more of my tenants has defaulted on a significant amount of their rent payments since March 1, 2020.

• Establishes any public assistance that the business has received since the start of the COVID-19 pandemic must not fully make up for the loss of revenue or increased expenses, and the business still meets the aforementioned eligibility criteria to qualify for a financial hardship (Sec. 2-4).

• Prohibits lending institutions from discriminating in the determination of whether credit should be extended to any owner of commercial real property as defined in subdivision one of this section because, as provided for in this act, such owner has been granted a stay of mortgage foreclosure proceedings, tax foreclosure proceedings or of tax lien sales, or that an owner of commercial real property as defined in subdivision one of this section is currently in arrears and has filed a hardship declaration with such lender (Sec. 2-3).

• Prohibits the granting of a stay of mortgage foreclosure proceedings, tax foreclosure proceedings or tax lien sales, or that an owner of commercial real property is currently in arrears and has filed a hardship declaration with their lender from being negatively reported to any credit reporting agency (Sec. 2-4).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that extends small business benefits established under the "COVID-19 Emergency Protect Our Small Business Act of 2021".

Highlights:

• Defines "eviction proceeding" as a summary proceeding to recover possession of real property under article seven of the real property actions and proceedings law relating to a commercial unit or any other judicial or administrative proceeding to recover possession of real property relating to a commercial unit (Sec. 1-1).

• Defines "tenant" as a commercial tenant that is a resident of the state, independently owned and operated, not dominant in its field and either employs 100 or fewer persons, or, the commercial tenant's business was closed to in-person operations by executive order or department of health directive for two or more weeks between May 15, 2020 and May 1, 2021, and employs 500 or fewer persons (Sec. 1-3).

• Establishes the following criteria for businesses to relief from the COVID-19 pandemic (Sec. 5):

• Significant loss of revenue during the COVID-19 pandemic;

• Significant increase in necessary out-of-pocket expenses related to providing personal protective equipment to employees or purchasing and installing other protective equipment to prevent the transmission of COVID-19 within the business;

• Moving expenses and difficulty in securing an alternative commercial property make it a hardship for the business to relocate to another commercial property during the COVID-19 pandemic; and

• One or more of my tenants has defaulted on a significant amount of their rent payments since March 1, 2020.

• Establishes any public assistance that the business has received since the start of the COVID-19 pandemic must not fully make up for the loss of revenue or increased expenses, and the business still meets the aforementioned eligibility criteria to qualify for a financial hardship (Sec. 2-4).

• Prohibits lending institutions from discriminating in the determination of whether credit should be extended to any owner of commercial real property as defined in subdivision one of this section because, as provided for in this act, such owner has been granted a stay of mortgage foreclosure proceedings, tax foreclosure proceedings or of tax lien sales, or that an owner of commercial real property as defined in subdivision one of this section is currently in arrears and has filed a hardship declaration with such lender (Sec. 2-3).

• Prohibits the granting of a stay of mortgage foreclosure proceedings, tax foreclosure proceedings or tax lien sales, or that an owner of commercial real property is currently in arrears and has filed a hardship declaration with their lender from being negatively reported to any credit reporting agency (Sec. 2-4).

Full Bill Text