(Photo by Benedikt Geyer on Unsplash)
Oct. 21, 2020 By Allie Griffin
Governor Andrew Cuomo has extended the statewide moratorium on commercial evictions and foreclosures from Oct. 20 through to the end of the year.
He signed an executive order extending it Tuesday — the same day the emergency moratorium was set to expire.
Cuomo first announced a state moratorium on residential and commercial evictions on March 20 and has extended its end date several times since.
The extension of the commercial moratorium announced yesterday now aligns with end date of the residential eviction moratorium which was extended last month to the end of the year.
Cuomo said that the extension gives commercial tenants and mortgagors additional time to catch up on rent or their mortgage, or to renegotiate their lease terms to avoid foreclosure moving forward.
“The health and economic impacts of this pandemic have been devastating, and we are continuing to do everything we can to support people who are suffering,” he said.
Small businesses continue to struggle–particularly bars, restaurants and nightclubs.
According to a study released by the NYC Hospitality Alliance last month, 87 percent of New York City bars, restaurants and nightclubs couldn’t pay their full August rent. The trade group surveyed 457 businesses across the five boroughs for the study.
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