State lawmakers overwhelmingly passed bills on Monday that are designed to cushion the impact of the coronavirus pandemic for small businesses by providing tax credits and payment deferrals to encourage them to retain employees during the severe economic downturn.
“We want to help keep workers on the payrolls and give businesses the assistance to withstand the economic consequences,” said Senate President Stephen Sweeney (D-Gloucester). “A financial lifeline will help prevent the collapse of business entities and make sure business infrastructure is in place to support the recovery process after the current crisis has been contained.”
The Senate also approved measures that would allow the governor to restrict rent increases on retail businesses, permit mortgage forbearance for impacted residential property owners and tenants during a state of emergency, and remove a requirement for businesses to pay severance for employees terminated in mass layoffs because of the crisis.
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