https://www.dfs.ny.gov/industry_guidance/industry_letters/il20200403_paycheck_protection_loan_program

Industry Letter

April 3, 2020

To:  The Chief Executive Officers or the Equivalents of New York State Regulated Institutions

The New York State Department of Financial Services (Department) is issuing this letter with respect to the Paycheck Protection Loan Program (the Program) created by the recently enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act), through which the U.S. Small Business Administration’s (SBA’s) 7(a) Loan Program ^[1] will offer a new loan product. The CARES Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Program.

As you know, the COVID-19 pandemic has placed many small businesses, not-for-profit organizations and their employees in dire need of funding to survive. The Program is intended to provide economic relief to small businesses nationwide, including the many New York businesses that have been significantly adversely impacted by the COVID-19 pandemic.

Yesterday, the SBA issued its interim final rule, announcing the implementation of the CARES Act for the Program. The interim final rule includes formal guidance that outlines the key elements of the SBA’s implementation of the Act, and the SBA requests public comments.

The interim final rule provides that a lending institution does not need to conduct any verification if the borrower submits documentation supporting its request for a loan and attests that it has accurately verified the payments for eligible costs. The SBA Administrator will hold harmless any lender that relies on such borrower documents and attestations.  The loans guaranteed under the Program will be under the same terms, conditions and processes as other 7(a) loans with certain exceptions, such as the guarantee percentage being 100%, and the lack of a requirement for collateral or personal guarantees.

The Program authorizes existing 7(a) lenders to participate in the Program, and allows for the authorization of additional 7(a) lenders if the lender is (1) a federally insured depository institution or a federally insured credit union; (2) any Farm Credit system institution with certain exceptions; and (3) certain specified types of depository and non-depository financing providers that originate, maintain and service business loans or other commercial financial receivables and participation interests, subject to meeting certain additional criteria.

Small business lending is at the core of what many of your institutions do every day. Your knowledge of the local markets and community needs, along with your underwriting skills, are exceptionally important during this time of crisis. Your active participation is critical to the success of this Program and the much needed help our small businesses deserve during this unprecedented interruption to their operations and the lives of many of their employees.

The Department strongly encourages all its institutions that are eligible to participate in the Program to participate and provide this desperately needed help to small businesses so they can weather the current crisis and sustain their employee base, subject to their safety and soundness requirements.  The Department also encourages those that are not currently eligible for participation to obtain eligibility so they can participate in the Program.

The Department appreciates all of your hard work to keep the financial system open and operating in New York State and commends you for your leadership and support of small businesses during the current crisis.

Sincerely,

Linda A. Lacewell, Superintendent
New York State Department of Financial Services

¹ The 7(a) Loan Program is the SBA’s primary program for providing financial assistance to small businesses.

THE FOLLOWING NOTICE HAS BEEN POSTED ON THE WEB PAGE OF

THE SUFFOLK COUNTY CLERK

LAND RECORDINGS CONTINUE IN SUFFOLK COUNTY

Due to the COVID19 outbreak and out of an abundance of caution, the Suffolk County Clerk’s Office has closed its building operations to the public.  The health and safety of our employees and constituents is of utmost concern.   By executive order, our on-site staff has been severely reduced with the majority of employees now working from home.  Business continuity has been achieved as we are able to process documents remotely with minimal processing impact.

As a recording office, we know our job is essential to the economy and we are very much aware that the land title and mortgage banking industries rely heavily on our documentation and the timely processing of same.

Title Examiners.  The SCCO has provided a NO COST 24/7 remote access portal for viewing all records that are currently in the system which dates back to 1987 for land records and 2004 for judgements, liens, lis pendens and uniform commercial codes. Automated requests for documents beyond these dates will also be accommodated through the same remote access portal.  Those that wish to download images have that capability as well with a new convenient feature that accepts credit cards.  Help Desk resources are also available to account users. 

Communications.  The status of our office operations is available on the Clerk’s website www.suffolkcountyny.gov/clerk.  Here is a quick view:

·      Closed to the public, but processing

o   E-Recording  (Simplifile, CSC, EPN)

o   Mail (we strongly recommend FED EX, UPS, USPS express)

o   Drop-offs in the Lobby (subject to change)

·      Documents being processed

o   Paper recordings

o   E-Recordings (Simplifile, CSC, EPN)

§  Most types of land documents are accepted

o   Documents will be processed in date-received order for all incoming submissions (E-recording, mail and drop-offs)

·      Website

o   www.suffolkcountyny.gov/clerk

o   Recording questions recording@suffolkcountyclerk.com

o   E-Recording questions erecording@suffolkcountyclerk.com

·      Searching

o   Index (1987)

o   Grantor/grantee books on line (1893 forward)

o   Document images (1987 land records/2004 liens, judg, UCC, LP)

o   Print options – available

·      Acceptance of Remote On-Line Notarization (RON)

o   Yes.  We will accept RON provided that the notary acknowledgment is modified to include that it was performed in full compliance within the requirements set forth in Gov. Executive Order 202.7

·      Anticipated return to regular business operations

o   Unknown

·      Outreach

o   Website updates

o   Automated VOIP system 631-852-2000

o   Social media (County Clerk Pascale FB page)

o   PRIA, NYSLTA, E-Recording providers 

Office of the Suffolk County Clerk

Judith A. Pascale

www.suffolkcountyny.gov/clerk

Property owners can defer or pay fractions of taxes amid crisis

Gwen Everett

Crain’s NY Business

March 25, 2020

The City’s Department of Finance is offering property owners facing financial hardship the ability to defer or pay a small percentage of their property taxes.

The program, which offers three different payment plans, allows property owners to defer paying as much of 25% of the equity on a one to three family home, and 50% of the equity on a condominium, according to the Department of Finance.

It’s one of a series of public programs officials have announced in the past week to provide relief to people who fear losing their homes from the economic fallout of the Covid-19 crisis. Many of those programs have happened at the state level — New York issued a directive to waive mortgage payments for 90 days, and a freeze on foreclosures and evictions for 90 days. But this program also applies to New York City residents. 

“These are unprecedented times for New Yorkers, many of whom now find themselves struggling to make ends meet,” said Department of Finance Commissioner Jacques Jiha. “Through our programs, DOF hopes to ensure we do our part to help those who are struggling have one less burden to deal with as we work toward economic recovery.”

One payment plan for seniors allows those homeowners to partially or fully defer payments on late and future property taxes, for either a set or indefinite time period. The two other payment plans, the extenuating circumstances income-based plan and the fixed-term income-based plan, both limit property tax payments to 8% of their adjusted gross income. 

The extenuating circumstances plan lasts as long as a hardship such as death, serious illness, loss of income continues. The fixed-term plan only applies to the late payments plus payments projected to be due in the next year. 

City taxes on properties worth under $250,000 are due April 1. Taxes on properties worth more than $250,000 are due July 1.

We received the following update from Chris Como, Official Examiner of Title, Suffolk County Clerk's Office.

In accordance with directives from the Governor and County Executive, staffing at the County Clerk’s Office will be extremely limited in the upcoming weeks until further notice.

It is advised that all documents required to be recorded or filed be sent in via a trackable mail service as drop off availability in the lobby may be ending shortly without notice.

We are currently working on making printing available to those accessing our office remotely and have accounts within the next 48 hours.  Accounts can be credited by mailing in checks to the County Clerk’s Office (attention Public Access).  We also anticipate you will have the ability credit your accounts using credit cards once the printing function is available.   A separate e-mail will be sent once this is available.

While we are absorbing the licensing fees that permit off site access to our records, the County Clerk does not have the authority to waive any fee set by statute.  We will gladly comply with any State law or order directing these fees be waived.

For those seeking copies of previously recorded/filed documents or maps not available via remote access, they may purchased by using the attached form submitted to recordrequest@suffolkcountyny.gov.  Requests may also be made by mail using the same form.

Questions regarding filings/recording that are strictly of an immediate nature should be make directly to the appropriate department (see website for more info).

We are continuing to do our best with the limited resources to provide as much access to our records and staff as possible.  Since circumstances and government mandates are changing by the hour, any and all current practices are subject to change with no or very limited notification.  We will do our best to keep you informed as we have additional information. Please continue to check our website for updates as well.

Christopher Como, Esq.

Official Examiner of Title

Suffolk County Clerk's Office

310 Center Drive

Riverhead, New York 11901

(631)852-2000 ext. 112