ALBANY, NY — 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 businesses and 4.2 million employees.
Building on the proposals in its 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 a number of 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 Barclay (R,C,I,Ref.-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.”
“New York’s economy isn’t going to recover overnight, and without proper action it may not recover at all. We need aggressive, comprehensive emergency measures to protect businesses and residents from the devastating impact the COVID-19 pandemic has had on our economy,” said Assemblyman Ed Ra (R-Franklin Square). “This robust package of incentives and legislation will significantly ease the many pressures facing New Yorkers and will help smooth out what is no doubt going to be a very rocky road ahead.”
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.
“‘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 Assemblyman Christopher S. Friend (R,C,I-Big Flats). “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.”
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;
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.
“From farms to factories, and every business in between, the economic costs of the COVID-19 virus have been staggering. The government required businesses to close to help contain the spread, and employers and employees did their civic duty in the name of public health and safety,” said Assemblyman Robert Smullen (R,C-Meco). “Now those same businesses deserve every bit of assistance the state can offer. The Assembly Minority Conference has developed a plan that will directly infuse millions of dollars into the state’s economy and substantially reduce costs. The governor has talked about building a bridge to re-opening the economy. This plan provides a solid foundation for that bridge, and it is my sincere hope that it gets its due consideration from the governor and the Legislature.”
“The Assembly Minority Conference has worked hard to develop a realistic plan to address the enormous challenges before us. With the proper plan in place, we will come out of this crisis stronger, more resilient and better prepared for the future. We believe this blueprint will do just that, and maximizes the opportunity for every New Yorker to recover from this terrible downturn,” said Assemblyman Andy Goodell (R,C,I-Jamestown).
A copy of the “Jump-Start New York” plan is available here.