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The U.S. Department of Treasury issued additional guidance regarding the Paycheck Protection Program. Links to the resources provided by Treasury can be found on their webpage.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19. The US Chamber of Commerce has published a guide.
To determine if your business would qualify for a business interruption claim, check with your business insurance policy or provider. While each policy could be different in a few cases, policies may cover losses on a limited basis if they include a clause known as ‘interruption by communicable disease’.
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.
Strategies for landlords in dealing with tenants in light of COVID-19
Tenant economic issues due to COVID-19 have been well publicized and programs have been put in place to help tenants. Landlords, on the other hand, feel much of the same pain but that pain has not been well publicized, nor has it been addressed by federal or state programs.
While landlords appear to have fewer options than tenants at this time, there are a number of strategies that landlords can employ to (1) address tenant concerns in a way that is mutually beneficial to landlord and tenant, (2) help landlords prepare for potential future litigation with tenants, and (3) restructure or expand operations to take advantage of current and near-term market conditions. READ MORE >>