MOBILE, Ala. (WKRG) — Monde Donaldson with the BBB in Mobile County has information for renters and land-lords affected by the Coronavirus Pandemic.
BBB Business Tip – What to do if you can’t pay or collect rent
The coronavirus pandemic has caused business closures, furloughs, stay-at-home orders and layoffs. The result is that many tenants are reaching the point that they are unable to pay rent. This poses a situation to small business owners who rent their place of business and are struggling to pay, as well as landlords who are watching their own source of income dry up if their renters are facing a difficult financial situation
In both cases what can be done?
“The first thing they need to do is look at their lease, sometimes there are provisions for emergencies or times of crisis.”
What are some other options?
“See if they can use their stimulus check, see if they have any savings that they might could just pay rent for a month or two. Or they may even want to go get a small business loan. But the one I like the best is to ask for help and see what community resources are available.”
For more information, watch the video above.