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Weekly Report

Weekly Report for July 3, 2020

Governor Cuomo signs bill extending eviction moratorium during COVID-19
On Tuesday, Governor Cuomo signed into law measures to extend the state’s eviction moratorium during the period of coronavirus-related restrictions. Landlords, however, may continue to seek money judgments from tenants. Additionally, the Governor’s Approval Memo included language that says, “Once the restrictions are lifted on a county-by-county basis and a region has reached Phase 4, and all other individual business entities that were separately closed by Executive Order have been permitted to reopen, then such proceedings could commence.”

NYSAR opposes new cease and desist zone proposal in parts of Brooklyn
The Department of State issued a newly proposed cease and desist zone that would cover parts of Cypress Hill in Brooklyn. The new zone could become effective November 1, 2020. NYSAR strongly opposes the creation of a new cease and desist zone and will be launching a NYSAR Call for Action so that REALTORS may voice their concerns. Your individual public comment may also be submitted to the Department of State at [email protected]. Borders of the proposed zone can be found here.

Congress Grants PPP Extension
On Wednesday, the U.S. Congress cleared legislation extending the Paycheck Protection Program (PPP), popular with REALTORS®, through August 8. The measure now goes to President Trump, who is expected to sign it. Created by the CARES Act in March, PPP offers forgivable loans for small businesses to pay expenses and keep workers on the payroll. Loans are also available to independent contractors. Although the program quickly ran out of money, it was injected with new funding a month later. The application period for the program would have ended on Tuesday with $130 billion still unallocated. More information can be found here.

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