COVID-19 RELIEF PROGRAMS FOR FSPM OWNERS & TENANTS
This pandemic creates both fear and opportunity. Isn't it great you have a FULL TIME ally to help you navigate through the chaos so you emerge a victor? Below is a list of COVID-19 relief programs for owners and tenants of Full Service Property Management.
- Economic Impact Payment -- The IRS has been instructed to send every tax paying American a check -- $1,200/single; $2,400/couple; +$500/child. Owners and tenants will be receiving these. Capped at $75,000/single or $150,000/couple annual income.
- Economic Injury Disaster Loans (EIDL) – Small businesses in 32 Washington counties are now eligible to apply for low‑interest SBA loans to offset economic losses because of reduced revenues caused by the impact of the COVID-19 (coronavirus) pandemic. $10,000 maximum 'loan'. Apply through SBA's website. But hurry. Applications are piling up.
- SBA Payment Protection Plan (PPP) – The Small Business Administration announced a massive $349 billion forgivable loan program that is intended to help businesses all across the country to rehire or retain workers during the COVID-19 crisis. Use 75% or more of the "loan" for payroll and it will be forgiven. Apply through your local bank.
- WA DOR Business Relief – The State of Washington Department of Revenue offers several relief programs for businesses affected by the COVID 19 pandemic.
- WA Dept of Commerce Tenancy Preservation Program -- This program is designed to help both landlords and tenants who have difficulty paing rent.
- Families First Paid Leave for Employers– This federal program under the Familes First Coronavirus Response Act provides 80 hours of sick or family leave for employees and their familes who are directly or indirectly affected by the COVID-19 flu.
- Utility Deferment -- All of the major utiltiies (and many minor ones) have suspended disconnects and late fees. SPU, SCL, PSE, and SnoPUD are all participants.
- Seattle’s Utility Discount Program – Customers of SPU and SPL are encouraged to apply. Generally available for lower income (<$46,000/couple income).
- United Way of King County -- UWKC offers rent assistance...plus a huge list of other resources available. It is a great resource.
- RHA-WA -- Rental Housing Assn. of WA has a list of multiple resources for COVID-19 too numerous to list here.
- Mortgage forbearance -- Contact your lender and they can put a 'pause' on the loan amortization for 3-6 months. Fannie Mae & Freddie Mac loans especially are eligible, but also some private loans.
There are a lot of people out there ready to help you. All you need to do is ask!