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Posted On: June 19, 2020

Update To SBA Loan Forgiveness

Posted On: May 26, 2020

Governmental & Legislative Update--The Latest Developments

Posted On: May 21, 2020

Legislative & Regulatory Update--The Latest Developments

Governmental & Legislative Update–The Latest Developments

We reported earlier last week that it looked as though the Senate was going to return to session next week.  We have now learned that both houses will be returning to session this week.  The session will focus on passing legislation related to the COVID-19 pandemic.  Committee meetings will take place today, with session scheduled for the following days.

Each house will be meeting through videoconferencing per their newly enacted rules. There is no detail yet on what COVID-19 related bills will be addressed in the session this week.  It has been stated that only bills without a fiscal impact to the State will be considered.

There is no word yet if the Senate and Assembly are going to come to an agreement on an agenda on their own or if negotiations with the Governor will lead to a three way deal on the legislation to be considered during this session.  We will keep you posted as we learn more about the agenda and whether it has been fully negotiated.

The Governor announced that the State has partnered with lenders to develop a $100 million New York Forward Loan Fund.  This fund will focus on businesses with 20 or fewer employees with less than $3 million in gross revenues.  Details on the fund can be found at http://esd.ny.gov/nyforwardloans.

He also reported that it looks as though the Mid-Hudson and Long Island regions are on track to begin their Phase 1 re-opening this week.