WALCZYK ANNOUNCES SMALL BUSINESS EMERGENCY RECOVERY ACT OF 2020
Assemblyman Mark Walczyk (R,C,I,Ref-Watertown) announced a comprehensive plan to help small businesses begin to recover from preliminary losses due to the coronavirus outbreak sweeping across the state, nation and much of the world.
“You can’t dispute the fact that Small Businesses are the backbone of our economy in NNY. So as you're maintaining your membership fees, buying gift cards, and ordering local delivery, my Assembly colleagues and I have been taking input from small businesses,” said Assemblyman Mark Walczyk.
“This relief package for small businesses is a step in the right direction to make sure small businesses across the state, and right here in the Front Yard of America, won’t have to worry able closing their doors permanently, but most importantly, continue to ensure that the health and well-being of New Yorkers is put before everything as we combat COVID-19.”
The “Small Business Recovery Act of 2020” would provide immediate relief to small businesses by:
· Directing the state’s $890 million settlement reserve fund toward providing small business relief;
· Creating a zero percent interest loan program for businesses that need help meeting payroll;
· Putting any available tax credits to use for small businesses;
· Moving ahead tax deadlines for remittance, business tax and personal income tax by 180 days;
· Suspending all regulatory fees on small businesses; and
· Using all economic development funding, defined as discretionary funding, to help small businesses.