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New Restrictions on Commercial Foreclosures and Evictions Imposed in New York State

Client memorandum | March 12, 2021

On March 9, 2021, Governor Cuomo signed the COVID-19 Emergency Protect Our Small Business Act of 2021 (the “Act”). The Act imposes new restrictions on evictions of commercial tenants and foreclosures against commercial borrowers that meet the criteria set forth in the Act, and also stays certain pending commercial evictions and foreclosure proceedings. The majority of the Act’s restrictions are effective only through May 1, 2021, but that date could be extended, as have been all previous moratoriums that were enacted by executive order.

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