ALBANY – A new bill that protects small businesses from evictions and foreclosures has been signed into law.
Known as the COVID-19 Emergency Protect Our Small Business Act of 2021, the legislation will initially apply to small businesses with under 50 employees that demonstrate a financial hardship caused by the COVID-19 pandemic, as well as small businesses with 10 or less units.
It will also cover any business with 500 or fewer employees that was closed to in-person operations for two or more weeks between May 15, 2020 and May 1, 2021.
The legislation not only protects business owners from eviction, but protects landlords suffering financial hardship from having their property foreclosed.
The protections build-off of the Governor’s pervious Executive Order and commercial eviction and foreclosure moratorium.