A Guide to Getting Tenants Financial Help during COVID-19
With more workers being laid off or losing hours due to the coronavirus pandemic, property managers are growing nervous that tenants will not be able to pay rent in the upcoming months. If this occurs, it will put a tremendous financial strain on property managers and landlords. Fortunately, there are some ways you can help your tenants out while avoiding a tough financial situation.
Point them to resources
Informing your tenants of the available financial resources and helping them gain access can make a huge impact on your tenants as well as you. There are unemployment benefits available to those who are out of work, but most Americans are unaware of the requirements.
Recently, an unprecedented relief bill was approved by the U.S. government expanding unemployment insurance benefits by an estimated $250 billion. Below are the details of the expanded benefits you can share with your tenants:
- Increased Pay: gives workers an additional $600 per week for up to four months
- Extended Time: allows workers to receive benefits for an additional 13 weeks
- Loosened Requirements: expands coverage to those who are self employed, gig workers, independent contractors, freelancers, part-time workers, furloughed employees, and anyone who can physically go to their jobs because of closures.
An additional part of the relief bill worth mentioning to your tenants is that they will receive $1,200 from the government (if they meet the income restrictions), with an additional $500 per kid.
Help them prepare
Advise your tenants who are eligible for unemployment to apply as soon as possible, since it will take 2-3 weeks after filing for them to receive benefits. Below is the information needed to file for unemployment:
- Income Verification: recent pay stubs
- Documented Work Status: proof of lay off or reduced hours from managers (ex. an email about reducing hours or a picture of the business with closed signs)
- Personal Information: Social Security number, home address, phone number, email address
- Bank Information: bank name, address, account number, and routing number
- Employer Information: employers name, address, phone number, dates of employment, reason for leaving, and pension or severance package (if applicable)
Show them where to apply
In most states you can apply for unemployment through their website. Provide tenants with the address, phone number, and website of your state’s unemployment office. You look up each state’s unemployment contact information at CareerOneStop.
Arming your tenants with this information could have an impact on your business in the coming months during these difficult times.
At Particle Space, we understand that you might already be struggling with lost revenue due to missed rent payments.
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