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This memo has important information for both landlords and tenants. If you know of a landlord or renter who has had a hard financial time during the lockdown, please share this memo with them.
The National Eviction Moratorium ended July 31, 2021. States, such as NJ, may have slightly different dates, but for all intents and purposes the eviction moratorium is over.
Click Here to find rental assistance in your state —> Emergency Rental Assistance Program
I urge everyone, landlords and tenants, to read the FAQ. CLICK HERE TO READ IT.
The federal government has allotted $47 Billion. My research has shown that there is only a need for $20 Billion in rent relief countrywide
Tenants who meet income requirements can get up to 12 months of rental assistance.
Landlords, this is the time to work with your tenants who are in arrears as the faster they get relief, the faster you get paid.
The rental assistance systems are overwhelmed, so do hurry to get your application for relief submitted.
The other thing to consider is the backlog of Landlord – Tenant cases working their way through the court systems. For example, NJ has a backlog of 56,000 such cases and many of them are going to require settlement conferences. This process is going to take years.
Again, get in your rental assistance applications as soon as possible.
Landlords, many of your tenants who are in arrears have simply had a once in a lifetime financial crisis. Do all you can to work with them as they can become the good paying tenants you knew before the lockdown. They simply need the chance to do so.
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Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
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Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
79 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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