Eviction Moratoriums Will Eventually End. Then What?
When the CDC announced a national moratorium on evictions, many renters breathed a sigh of relief. This order put a four-month halt on evicting renters who earn less than $99,000 a year if they can’t make their rent payments due to the hardships caused by the coronavirus pandemic. But, this use of executive authority didn’t cover businesses and restaurants who are in the same boat as many Americans, unable to pay their rent and facing possible eviction.
Thankfully, many states and cities have taken it upon themselves to provide the same type of temporary reprieve for businesses. For instance, New York’s governor, Andrew Cuomo, announced on October 20, 2020 that they will be extending their commercial lease eviction moratorium through January 1, 2021. California’s governor, Gavin Newsom, issued an eviction moratorium for commercial leases as well which allows local California governments to impose their own ban on evictions due to COVID-19 hardships as they see fit. This order is currently set to end on March 31, 2021.
If your restaurant or business is still struggling to make full rent payments, make sure you are checking with your local and state government to see what your options are. Chances are, there will be protocols in place to keep you from losing your location in the near future.
But, what happens when the deadlines stop extending and you have to start making full payments again? Eviction moratoriums are not relieving you of all missed payments or even partial payments. Eventually, you will need to pay the missed payments based on the terms that you and your landlord agreed upon. That’s where a loan from ARF Financial comes into play.
Our new Interest-Only Flex Pay loan will give you the funds you need to pay your overdue rent without having to worry about a full payment anytime soon. The Interest-Only Flex Pay loan gives you the ability to pay low interest-only payments for up to five months! Then, you’ll have the option to rollover the unpaid principal balance into weekly amortized payments. And, if anytime during your regular payments you need a reprieve, we’ll give you another 90 days of interest-only payments through our 90-Day COVID-19 Guarantee.