This alert summarizes a proposed bill before the New York State Senate numbered S8125-A, dated March 23, 2020. As currently drafted, the proposed bill intends to, for a period of 90 days: (i) suspend and forgive the rent payments of certain residential and small business commercial tenants detrimentally affected by the Coronavirus outbreak, and (ii) suspend and forgive a portion of the mortgage payments of any landlords who suffer financial hardship as a result of such rent forgiveness under this proposed bill. The Alert can be found here.
Client Alert: New York State Senate Considers Legislation to Suspend/Forgive Rent or Mortgage Payments – March 31, 2020
