Here at Hapco, our most important responsibility is to keep our members informed in times of anxiety and financial distress. Rest assured, we are working around the clock to educate ourselves in order to provide the most updated information that is relevant to you as a landlord in the Greater Philadelphia area.
With the expectation that some tenants may not pay their rent this week, here are some important documents you may consider utilizing, as approved by both our Board President and our Hapco Attorney. As always, we suggest you consult your personal attorney for advice that suits your specific situation.
With the passage of the Coronavirus Aid, Relief and Economic Stability (CARES) Act last week, financial assistance in the form of loans (not all of which must be paid back) is now available.
For more than a week, we have been reaching out to our federal, state, and city leaders to alert them of the financial hardships that landlords will begin to immediately face and the devastating impact on the city if quick, decisive action is not taken. Although the situation is ever-evolving, we continue to both lobby our lawmakers and press them for answers.
We are getting responses. On the federal level, several members of Congress have directed us to The Small Business Owner’s Guide to the CARES Act. This provides great detail on many loans, grants, counseling and tax questions you may have.
Addtionally, the U.S. Small Business Administration Economic Injury Disaster Loans provide low-interest, long-term loans to businesses. We advise you to read all documents carefully and consider consulting an attorney or financial advisor before making any loan decisions.
Further, we suggest that landlords advise tenants unable to meet their rent obligation due to a job loss to immediately apply for Unemployment Compensation. Benefits have been increased by $600 a month. Tenants can get more information here.
We are hearing that additional information pertaining specifically to rent issues may be coming later this week. Of course, we will continue to pass on this information as we get it. Please check back with us regularly for the very latest information, both on our website (hapcophiladelphia.com) and on our Facebook (@hapcophiladelphia) and Twitter (@hapcocares) platforms. For access to Hapco’s Members-Only information, become a member today.