FOR IMMEDIATE RELEASE: April 17, 2020
CONTACT: Peter Giunta, 347.621.8031
The New York State Assembly Minority Conference has introduced a comprehensive economic stimulus plan aimed at shielding the millions of New Yorkers impacted by the global COVID-19 pandemic. The “Jump-Start New York” initiative calls for short-term relief measures as well as a path to long-term stability for the state’s 600,000 small business and 4.2 million employees.
Building on the proposals in their recently introduced “Small Business Emergency Recovery Act of 2020” (A. 10266), the Conference developed a broader economic stimulus recovery blueprint. “Jump-Start New York” directs both state and federal money to those hit hardest by the impact of the pandemic. Included in the bill are several direct cash infusions, loan programs, and financial reallocations to blunt the economic impact of the health crisis.
“As dramatic as the economic impacts of COVID-19 have been, the strength of our response and commitment to our recovery need to be even greater. I’m extremely proud of the efforts of the Assembly Minority Conference to develop a plan that can bring immediate help and sustained prosperity to New York’s business community,” said Assembly Minority Leader Will Barlcay (R,C,I,Red-Pulaski). “Job creators and employees in every region are on the brink, and they need state government to provide the resources to survive and set the stage for them to succeed in the future.”
“We’ve seen New York bounce back from many crises throughout the years, from terror attacks to natural disasters, and while I am sure we will overcome the COVID-19 pandemic, there is no denying that this crisis is unprecedented,” said Assemblymember Michael Reilly (R-South Shore). “The road to economic recovery is a long and arduous one, but we can start off on the right foot simply by implanting the commonsense policies outlined in our Conference’s “Jump-Start New York” proposal. An unprecedented crisis calls for aggressive, ambitious policy-making.”
According to a recent survey from the National Federation of Independent Business (NFIB), 92 percent of small businesses report being negatively impacted by the COVID-19 outbreak. Further, approximately 50 percent of small employers believe they will need financial assistance within two months in order to continue to operate.
Among some of the state-level provisions called for in the proposal are to:
- Repurpose and utilize capital programs like START-UP NY benefits, the NY Works Economic Development Fund and the state’s Regional Economic Development Councils; and,
- Extend and/or waive state regulations that have been enacted by Executive Orders during the declared State of Emergency for an additional year; and,
- Adjust all state tax filing dates to align with federal tax filing dates. The federal government recently delayed numerous business tax filing dates. New York State should delay and mirror the federal government.
Additionally, the plan calls for federal-level action, including:
- Federal money provided to businesses and individuals must be distributed within 30 days of any stimulus bill passage; and,
- In order to bridge the gap after the emergency period is deemed over and the economy rebounds, the federal government should extend benefits provided for an additional year; and,
- Future federal stimulus money should be provided directly to local governments and school districts for property tax relief and sales tax to offset increased costs and loss of revenue associated with COVID-19; and,
- Expand the Zero-Percent Interest Rate to all Small Business Administration Loans similar to the Paycheck Protection Program (PPP) loans. All loans provided should be zero percent interest to the recipient with set interest paid by the federal government. A portion of the loan should be forgiven if 2019 employment levels are maintained.
A copy of the “Jump-Start New York” plan can be found online at https://bit.ly/3cwaK2D.