Assemblyman Christopher S. Friend (R,C,I-Big Flats) and the Assembly Minority Conference announced a new strategy to help New Yorkers, small businesses and the recovery of the state economy from the COVID-19 pandemic. The plan builds on proposals in the “Small Business Emergency Recovery Act of 2020” (A.10266), which was announced a few weeks earlier by the assemblyman and his colleagues.

“Jump-Start New York not only provides immediate economic assistance to struggling New Yorkers, but also offers common-sense adjustments to procedures and protocols to reduce unneeded bureaucratic stressors,” said Friend. “There will be no easy fix to our economic problems in the wake of COVID-19, but the longer we wait to make these necessary changes, the harder our recovery will be for residents, businesses and local governments.”

With nearly 600,000 small businesses and 4.2 million workers in New York, action must be taken to put the state in the best position for economic recovery. Friend, who is the ranking Minority member on the Assembly Committee on Economic Development, Job Creation, Commerce and Industry, says Jump-Start New York directs state and federal dollars to those most hurt by the pandemic with direct cash infusions, loan programs and financial reallocations to soften the negative impacts of COVID-19 on the economy.

According to the National Federation of Independent Business (NFIB), roughly 92 percent of small businesses are reporting that the COVID-19 pandemic is negatively impacting them. Nearly 50 percent of small employers have also reported that they will need financial assistance within two months to continue to operate.

Among some of the state-level provisions in the proposal:

• Repurpose and utilize capital programs like START-UP NY benefits, the NY Works Economic Development Fund and the state’s Regional Economic Development Councils;
• 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;
• 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;
• 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 is available here.