Welcome Relief For New York Commercial Property Owners
On September 21, Governor Andrew M. Cuomo announced an Executive Order extending the state's moratorium on COVID-related commercial evictions and foreclosures until October 20.
Eviction Protection For New York Residential Tenants
New York's Tenant's Safe Harbor Law ensures that nobody can be evicted for any financial hardship suffered during the COVID crisis until the Governor lifts all restrictions on businesses and non-essential gatherings. Many landlords will struggle to pay the mortgage if their tenants cannot pay rent for a few months. If you're a New York City landlord facing foreclosure at this difficult time, contact a New York City real estate attorney for legal guidance.
Federal Main Street Loan Facilities Extended until December 31, 2020
The Main Street Lending Program offers loans to small and medium-sized for-profit businesses and nonprofit organizations that were financially sound before the pandemic but now need loans to maintain their operations. Additional information on the program can is on the information for-profit borrowers page or the information for nonprofit borrowers page.
Federal Financial Committee Holds Hearing On Restaurants Act
On September 22, the House Finance Committee held hearings on the Restaurants Act, first introduced into Congress on June 15, 2020. (For updates on how the Committee decided check here.) The bipartisan bill would establish a $120 billion forgivable grant program for food and drink establishments and caterers to stay open through 2020. The New York City Hospitality Alliance announced in September that with widespread restaurant closures, approximately 150,000 industry workers are still out of their jobs, and many of the restaurants still operating cannot pay their rent or mortgages.
Federal CARES Act Extended Until December 31, 2020
The CARES Act establishes two protections for homeowners with federally or Government Sponsored Enterprise (GSE) backed mortgages. Your lender may not foreclose on you until at least December 31, 2020. Also, you may request and obtain a forbearance for up to 180 days if you experience financial hardship due to the coronavirus.
Contact Your Loan Servicer Immediately And Seek Legal Assistance
If you are having trouble making your mortgage payments, have already fallen behind, or are in default or foreclosure, you may feel overwhelmed. It is crucial that you contact your lender immediately to negotiate possible solutions. You may be able to pursue loan modification or other alternatives that allow you to avoid adverse credit reporting or foreclosure proceedings. You should also contact an expert real estate attorney to help navigate the complex layers of federal, state, and city-level pandemic crisis protections to safeguard your property until economic stability returns.