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Financial Services Law Insights and Observations

New York to make $3 billion available to assist renters and small businesses

State Issues Covid-19 New York Mortgages Small Business

State Issues

On May 25, New York’s Governor Cuomo announced that up to $2.7 billion in emergency rental assistance and $800 million in small business recovery grants will be available to New Yorkers impacted by Covid-19. The rental assistance program will prioritize the unemployed, those with income at or below 50% of the area median income, and other vulnerable populations for the first 30 days and then be open to other applicants so long as funds remain available.