Assemblyman Chris Tague (R,C,I,Ref-Schoharie) is standing up for small businesses that are being harmed by the COVID-19 outbreak, otherwise known as coronavirus, by working with Assembly Minority leadership to pass the “Small Business Emergency Recovery Act of 2020.” Tague is concerned about the massive burden that will be placed upon employers and their ability to provide for their employees and their customers during this trying time.

The Small Business Emergency Recovery Act of 2020 would:

• Immediately direct the state’s settlement reserve fund of $890 million toward small businesses;
• Create a 0% interest loan program dedicated to helping small businesses meet their payroll commitments;
• Repurpose available tax credits to help the needs of the state’s existing small businesses;
• Use all economic development discretionary funding for existing small businesses within New York state;
• Move tax deadlines for remittance, business tax, and personal income tax ahead 180 days; and
• Suspend all regulatory fees on small businesses for 180 days.

“It is immensely important that we band together and support the backbone of New York State’s economy during this crisis,” Tague said. “An enormous portion of people here work for a small business and they are some of the most vulnerable to a market stall. Small mom and pop stores aren’t equipped to deal with a two-week pause of business and we must move now to stop a cascade of business failures. We have to do our part for our neighbors and our friends, and I commend Leader Barclay for his foresight and determined plan to help curb off further disaster.”