First, all of us at Rentyl/LRR would like to send you our best wishes during these trying times. We know that together we will all get through this.
We understand that the COVID-19 pandemic is affecting people in varying degrees, and we are doing everything in our power to help.
This afternoon Florida Governor Ron DeSantis has issued a stay-at-home order for the entire state of Florida for 30 days beginning on 4/2/20. Only essential services will be allowed to operate during this period.
Our team has been monitoring all communications from the various levels of government not only to comply with the proper “Social Distancing” guidelines/orders but also to pick up on an government assistance that may be of use to our homeowners. We will update you with any programs that become available.
We are also staying in constant contact with all of our partners such as Wholesalers and Online Travel Agents to ensure that we can take advantage of any relief or benefits that they may be offering. Currently Airbnb has committed $250 million dollars to cover some of the costs of cancellations that were due to COVID-19. Representatives from our team are working closely with Airbnb to secure as much of this money as possible.
When doing your own research for your property and assistance please remember that it is located in Osceola County. The county has the following website as a resource pertaining to COVID-19 issues: https://osceola.org/covid19/
Please note that many banks are offering deferment on mortgage payments during this COVID-19 period. The following link has information and further links to 20 different banks that are currently offering assistance: https://www.forbes.com/sites/andrewdepietro/2020/03/31/banks-deferment-mortgage-coronavirus/
Fannie Mae, Freddie Mac and the Federal Home Loan Banks are taking steps to help people who have been impacted by the coronavirus: https://www.fhfa.gov/Homeownersbuyer/MortgageAssistance/Pages/Coronavirus-Assistance-Information.aspx#Enterprises
To stay up to date on all executive orders for the state of Florida pertaining to COVID-19 you can monitor: http://floridahealthcovid19.gov/news/
The first wave of the Federal Stimulus Package is now in effect. We understand that not all of the options below will applicable to your rental property, but there may be another aspect of your lives/businesses where they may. Please consult with your tax professionals, financial advisors, and legal counsel for further advice and direction.
Department of Economic Opportunity: Disaster relief bridge loans at the state level for up to $50,000
For more information click here: http://floridajobs.org/rebuildflorida/businessrecovery
EIDL SBA Loan (Economic Injury Disaster Loan): 3.75 interest over 30 years up to $2 million.
Paycheck Protection Program: This is a loan that is designed for small businesses and can will be forgiven as a grant if you meet the eligibility requirements after the 8-week period. You can use these dollars for working capital to pay payroll, payroll cost, Benefits, Rent, Utilities, Workers comp. You cannot reduce your PR cost by 25% and need to maintain average head count from prior periods to remain eligible. If you follow all those rules it will be 100% forgiven with no negative tax consequence essentially becoming a grant. Fact sheet and application below:
We have not forgotten about your physical properties. From an operational standpoint LRR is taking steps in addition to the normal maintenance program to ensure that all properties are secure and utilities are properly managed during this time of lower occupancy. Our team is in the process of running a series of tiered additional audits/maintenance on all properties. The first audit was completed yesterday and was primarily focused ensuring that the properties are completely locked down, gas was manually shut off to the pool system, all lights and fans are off, drapes and blinds drawn, and water meter is reading properly. Please note that this is in addition to the normal maintenance program.
Please note we are not attorneys and the foregoing is not intended to be legal advice. Your response to the COVID-19 crisis may have legal or tax implications, and we encourage you to speak to your legal counsel and tax and financial advisors for more specific information.