To embed, copy and paste the code into your website or blog:
Lenders, mortgage servicers, and other financial institutions should take note that New York State passed legislation extending the protections set forth in the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 and the COVID-19 Emergency Protect Our Small Businesses Act of 2021 to August 31, 2021. Thus, the requirements and stays with respect to residential and commercial foreclosures and evictions imposed by the legislation remain effective through August 31, 2021.
On May 4, 2021, Governor Cuomo signed a bill extending both (i) the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “EEFPA”);[1] and (ii) the COVID-19 Emergency Protect Our Small Businesses Act of 2021 (“SBA”), to August 31, 2021[2] (S.6362-A/A.7175-A) (the “Extended Act”). The purpose of the Extended Act, which is effective immediately, is to maintain protections prohibiting residential and commercial evict
To embed, copy and paste the code into your website or blog:
On Tuesday May 4, 2021, Governor Cuomo signed an extension of the “COVID-19 Emergency Protect Our Small Businesses Act of 2021” (collectively, the “Act”) prohibiting residential and commercial evictions, foreclosure proceedings, credit discrimination and negative credit reporting related to the COVID-19 pandemic until August 31, 2021.
Commercial Evictions
The Act places a moratorium on evictions until August 31, 2021 for commercial tenants that have endured COVID-related hardship. The legislation applies to small businesses with under 50 employees that demonstrate a financial hardship. Tenants must submit a hardship declaration to their landlord or a document explaining the source of the hardship, to prevent an eviction proceeding.
Legal Disclaimer
You are responsible for reading, understanding and agreeing to the National Law Review s (NLR’s) and the National Law Forum LLC s Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor.
Commercial Moratorium Law” and, collectively with the Residential Moratorium Law, the “
Laws”) originally expired on May 1, 2021 and have now been extended to August 31, 2021 (with retroactive effect to the original expiration date).
The Residential Moratorium Law is intended to protect families suffering from pandemic-related hardship from being evicted from or foreclosed out of their homes during the pandemic, which could exacerbate the current public health emergency. The Commercial Moratorium Law is meant to provide eviction and foreclosure protection for small businesses so they can survive the pandemic, which has caused a steep reduction in business and drop in revenues for most small businesses in New York. Some of the material features of the Laws include:
To embed, copy and paste the code into your website or blog:
On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1, 2021.
Specifically, the bill extends two separate laws: the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “
2020 Act”) and the COVID-19 Emergency Protect Our Small Businesses Act of 2021 (the “
2021 Act”). The 2020 Act, which was signed into law by Governor Cuomo on December 28, 2020, bans eviction proceedings against residential tenants who file a hardship declaration stating that the tenant is experiencing financial hardship due to COVID-19 or that moving would pose a significant health risk because of a high-risk household member. It also bans foreclosure proceedings against residential property owners who own ten or fewer dwelling units who file a hardship declara