The property that you are checking (txtNewNotes.Text) is for all the text in the TextBox (All the text from all the lines combined).
What you will need to check is the txtNewNotes.Lines property that returns a string[] of each line that is contained inside your TextBox. Iterate through those strings and check their lengths.
Remember that with your current code, you are only adding a new line at the end of the TextBox.
You will need to handle the case where a user goes back to a line in the middle of the TextBox and starts editing a line there, making that specific line longer than your 50 character limit and causing an undesired amount of new lines at the end of the TextBox