NYS Assembly to Hold Hearing on the Economic Impact of COVID-19 on Small Businesses

June 23, 2020

Date:

Wednesday, June 24, 2020

Time:

10:00 a.m.

Location:

Web Link: https://www.nyassembly.gov/av/live/

Assembly Small Business Committee Chair Al Stirpe, Ways and Means Committee Chair Helene Weinstein, Agriculture Committee Chair Donna Lupardo, Banks Committee Chair Thomas Abinanti, Office of State Federal Relations Chair Nily Rozic and Task Force on Food, Farm and Nutrition Policy Chair Michaelle Solages will take testimony to examine the current and future impact of COVID-19 on small businesses, including farms, across New York. They will look at whether the federal response has been sufficient in relation to the disproportionate impact on the state and local communities and effective in targeting the businesses most in need. This is part of a series of hearings on this topic to gather information from around the state. In the interest of public health and safety, the hearings will be conducted virtually using web-based video conferencing.

New York State has the highest number of COVID-19 cases in the country, and as a result, small businesses statewide are facing dire economic conditions. Beginning March 12, Governor Cuomo issued a series of executive orders requiring non-essential workers and owners of businesses across the state to stay at home or practice strict social distancing to protect the public health. As a result of these restrictions, most small businesses have had to shut their doors or drastically reduce or modify operations, placing their continued existence and financial stability at risk. Even those considered essential, such as farms and grocery stores, have been severely impacted by declines in demand, supply chain interruptions and new production challenges due to new safety measures in the workplace. The federal government recently passed legislation that provides loans for small businesses to maintain payroll and make up for other losses of income due to the pandemic. Additional provisions provide grants to farmers, including purchases of excess produce, dairy and meat to distribute to foodbanks.

The committees will hear feedback from the small business community and other stakeholders on the scope and implementation of the federal response to the COVID-19 pandemic, including the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program and Health Care Enhancement Act, and whether the federal assistance provided was adequate and accessible for small businesses across the state.

Note: Watch Live Here