Bill > A03190

This bill relates to suspending rent payments for certain tenants (referred to as "covered tenants") due to the state of emergency declared by Executive Order No. 202 in response to the COVID-19 pandemic. The key provisions include: 1. Covered tenants, which are defined as not-for-profit corporations with 25 or fewer full-time employees or small businesses with 25 or fewer full-time employees, are responsible for paying only 20% of their actual income or one-third of their contractual rent, whichever is less, per month during the covered period (March 7, 2020 until the end of the state of emergency). 2. Landlords are required to waive 20% of the contractual rent per month for the 180 days following the end of the covered period. 3. The bill establishes an interim commercial rent relief program, providing at least $500 million in funding, to support covered tenants and landlords impacted by the COVID-19 pandemic. 4. The bill prohibits courts from accepting new summary proceedings to recover possession of real property for non-payment of rent due to loss of income from the pandemic for at least 30 days after the end of the state of emergency.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/A3190