Although New York has tamed the beast, as Gov. Andrew Cuomo likes to say, referring to the coronavirus crisis, landlords and tenants continue to reel from months of business inactivity and lack of rent and mortgage payments.
Recently, New York State announced a new program offering payment of a portion of rental payments to landlords on behalf of residential tenants that have been economically impacted by COVID-19 and unable to pay rent. Eligible residential tenants will be covered for up to four months of partial rent relief. Applications for the program will be accepted from tenants though July 30th. https://hcr.ny.gov/RRP
For commercial tenants in distress, the Empire State Development Corporation is offering loans to businesses with 20 or fewer full-time equivalent employees, nonprofits, and small landlords that have suffered a loss of rental income.
Read our full discussion of this issue at https://rcbizjournal.com/2020/07/23/state-needs-to-do-more-to-create-rent-relief-for-commercial-tenants/
For more information about this article or other issues, please contact us, The Bachman Law Firm PLLC at email@example.com or 845-639-3210.