This year has been a year of uncertainty for almost all business sectors and real estate is no exception. When it comes to real estate investors, there are many options available to help weather the storm. For example, may states have enacted a stay on foreclosures and evictions. However, in Colorado, for example, the legislature passed a law launching a $20 million fund (the funds come from the federal CARES Act) to help landlords and tenants bridge the gap. The program is available to landlords and tenants.
Other options that may be helpful to investors during this time are the extension of the Paycheck Protection Program (PPP). The PPP program is available to LLC’s, sole proprietors and independent contractors and the loans may be forgiven if used for specific purposes that are designated by the program. The PPP expires on August 5, 2020. Another option includes the Economic Injury Disaster Loan from the Small Business Administration. The loan provides economic relief to businesses and non-profit organizations that are currently experiencing temporary revenue loss.
It is easy to get overwhelmed with the many different options and most importantly deadlines to apply for assistance. We stand ready to help advise our clients on the application process and options available to them to help their business succeed.