March 18, 2021
New York Enacts Law Affecting Commercial Foreclosures
Client Alert
On March 9, Governor Andrew Cuomo signed the COVID-19 Emergency Protect Our Small Businesses Act of 2021 (NY State Senate Bill S471A; “EPOSBA”), which provides temporary eviction and foreclosure protections for small businesses that have experienced financial hardship relating to commercial real property. EPOSBA is distinct from the foreclosure moratoriums contained in the executive orders previously issued by Governor Cuomo and extends the foreclosure moratorium on some commercial properties through May 1, 2021.