COVID19 has put a strain on property investors all over the country and property management services in Columbia SC are feeling the burden right along with them. When you’re a property manager or landlord, bringing in the rent is part of the job description and property owners are depending on you to make it happen; however, with job losses and rent moratoriums happening, some landlords aren’t seeing any rental income coming in. Luckily, there is help available.
Property management services in Columbia SC are working with their investors and property owners to make sure they realize all the programs currently available to keep afloat during these uncertain times. Here are some of the top programs available for landlords to find relief:
- Mortgage forbearance under the CARES Act makes it possible to stop your mortgage payments; however, all these payments will come due at once when the pandemic or CARES act expires. One of the best things you can do if you apply for mortgage forbearance is to also apply for other financial aid options for relief.
- Paycheck Protection Program offers loan forgiveness for business that keep their employees such as landlords who hire property management services in Columbia SC.
- Economic Injury Disaster Loans provides relief to small businesses who are currently experiencing loss of income because of COVID such as landlords who are not receiving rental income.
- SBA Express Bridge Loans are available to all property owners who already have relationships with the small business association and an SBA express lender to access up to $25,000.
- SBA Debt Relief is another great choice for small business owners such as property investors. The SBA can pay up to 6 months of principal, interest, and fees on microloans and other types of loans.
- Municipal relief is often available through local city or county government programs. Cities all over the United States are using emergency funds to offer grants and loans to small business owners.
COVID-19 has turned life upside down for tenants and landlords alike. The pandemic has made tensions run high, but property owners, managers, landlords, and tenants should try to take advantage of the programs available for assistance.
If you are interested in hiring property manager services in Columbia SC to help you navigate the changes with the pandemic, call Scott Properties at 803-951-0702.