Coping With COVID-19

Posted March 27th, 2020 by Leslie Garfield Team

In addition to being available to answer any questions about the market and service your real estate needs, we also thought it would be helpful provide you with useful information regarding your business and personal finances, tools to help you get through the quarantine, and links that you can use to assist your neighbors and facilitate donations of much needed medical supplies.

For Small Businesses

The Small Business Administration is offering low interest federal disaster loans for small business owners in all U.S. states.

  • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • New York City Employee Retention Grant Program
    • Small businesses with one to four employees can apply for a grant of up to $27,000 that covers 40% of payroll costs over the course of two months. You must show that you lost 25% of your revenue due to the coronavirus.
    • Businesses located in one of New York City’s five boroughs, that have been operating for six months or more and have no current tax liens or legal judgments are eligible for this program. Apply here.
  • New York City Small Business Continuity Fund
    • Businesses with fewer than 100 employees are eligible for up to $75,000 in interest-free loans from the city to cover revenue losses.
    • Applications are not yet open, fill out an interest form here.

Property Tax and Interest Deferrals

The NYC Department of Finance put in place a Property Tax and Interest Deferral (PT AID) Program for those who qualifty.

  • The payment of property taxes can be deferred for a fixed length of time for a temporary hardship, or for a longer period due to a chronic hardship.
  • The amount you can defer paying is limited to a maximum of 25% of the equity you have in your one-, two-, or three-family home, or up to 50% of the equity of your condominium unit.
  • Unpaid debt continues to accrue interest (currently 7%).
  • There are three payment plan options: the Low-Income Senior (LIS), Fixed-Term Income-Based (FTI), and Extenuating Circumstances Income-Based (ECI) payment agreements.

Relevant Court and Agency Decisions

  • Stay of all evictions
    • Stayed enforcement of all residential and commercial evictions for a period of ninety (90) days from March 20, 2020.
  • 3. New York State Court System Suspension of all non-essential matters. Essential matters include:
    • Criminal matters
    • Family court
    • Supreme court
    • Civil/housing matters
    • Any other matter the court deems essential
  • DHCR Advisory Opinion 2020-1 Novel Coronavirus Guidance
    • All agency matters not “final” before March 13, 2020 are extended for purposes of filing submissions by 30 days. The agency will be re-evaluating the need for any further extensions of time.

Tax Filing and Payment Deadline Extension

  • The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.

How We All Can Help

  • Nextdoor.com provides a local hub which allows us to connect with our neighbors, check in on each other and see who in the neighborhood may need assistance.
  • Zoom.us is a video conferencing service that has been helping businesses stay connected throughout the crisis. 30 minute video conferencing is free after signing up.
  • Governor Cuomo’s Office has laid out on his website how to contribute, including how to donate medical supplies, how health professionals can offer their services, and resources for those who can donate goods, services, or spaces.
  • Local animal shelters are reducing services and canceling fundraisers to protect staff and volunteers. Now is a great time to adopt a pet or foster a pet if you’re able to do so. (Read in the NY Post about how LJG has contributed to this one!)

We hope you find this simplified list of resources helpful. Please let us know how else we can assist you in this difficult time.

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