Subject

Prompt Payment Interest

Reference

Executive Order 202.48 (https://web.archive.org/web/20200906165341/https://www.governor.ny.gov/news/no-20248-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency).

Executive Order 202.109 (https://web.archive.org/web/20210625122530/https://www.governor.ny.gov/news/no-202109-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency).

State Finance Law Article 11-A (https://www.nysenate.gov/legislation/laws/STF/A11-A)

Guidance

Executive Order 202.48 suspended the provisions of State Finance Law Article 11-A, Interest Payments on Certain Amounts Owed by the State, to the extent necessary to respond to the direct and indirect economic, financial, and social effects of the COVID-19 pandemic. 

In situations where circumstances of the COVID-19 pandemic cause agencies to experience a delay in processing vouchers, agencies may account for the delay by adjusting the MIR date in the Statewide Financial System using the MIR Adjustment Date field.

For more information on adjusting the MIR date, please refer to Guide to Financial Operations Chapter XII, Section 5.F - Adjusting the MIR Date.

This guidance is in place through June 24, 2021