COVID-19 Resources for Real Estate Investors

As the impact of COVID-19 continues to evolve, investors are looking for ways to help offset the losses that may be felt from the pandemic. We have compiled a working list of resources for you to review, that may be helpful to explore and take advantage of. Remember that as the situation develops, programs and criteria may change. As always, contact your tax and legal professionals to ensure you fully understand the benefits and other ways these programs may affect you. 

The US government worked to pass the CARES Act, or the “Coronavirus Aid, Relief and Economic Security Act”. The entire bill can be found here

Small Business Association

SBA Paycheck Prection

Paycheck Protection Program
Direct incentive for small businesses to keep workers on the payroll.

SBA EDIL Fund EIDL Loan Emergency Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
SBA Relief SBA Express Bridge Loans
Pilot program that enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Debt Relief SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

 Louisville Metro Resources

Louisville Metro’s Small Business Resources for Covid-19 is a great site to get updates on programs. Programs and websites to note:

Small Business Continuity Loan Program
The loan program will provide zero-interest loans, with no payments for 12 months, to our smallest businesses (10 full-time employees or fewer) impacted by COVID-19. Small businesses can receive up to $25,000 to cover immediate expenses. Applications will open on Monday, April 6, at www.lhomeky.org. More detail to come.

Louisville Independent Business Alliance
Their site has a comprehensive list of programs, webinars and tips to help survive the COVID-19 Pandemic.

Greater Louisville, Inc. Support Hub
Helpful resources for your business and employees, including government updates, job board, and community resources.


Local and State Tax Deferral

Louisville Metro Revenue Commission (LMRC) and the Kentucky Department of Revenue have extended tax filing and payment deadlines from April 15, 2020 to July 15, 2020. For information about the state decision to defer filing and payments of state income tax, visit the Kentucky Department of Revenue website.

LMRC has extended the 2019 annual occupational license tax filing and payment deadline for all taxpayers, including those who filed quarterly estimated deposits in 2019 and those who pay once a year. LMRC also has shifted the April 15, 2020 quarterly deposit deadline to May 15, 2020 for entities required to file a quarterly estimated payment. All other LMRC deadlines will remain in place. For more information, visit www.louisvilleky.gov/government/revenue-commission.

LMRC will no longer take walk-in appointments. Anyone with questions can contact LMRC staff at (502) 574-4860 or via email.


Kentucky Official COVID-19 Site Indiana Official COVID-19 Site National REIA Site
https://govstatus.egov.com/kycovid19 https://coronavirus.in.gov/ https://nationalreia.org/covid-19-updates/


General Tips for Leaders - Crisis Management

• Anxiety is contagious. Help contain and manage anxiety wit your own behavior.

• Lean into your strengths. Remember, small businesses have tested resiliency and can recover from challenges.

• Look to the past for guidance. What other challenges have you overcome? Tell those stories to remind others that together, we will work our way through this.

• Show commitment to your people. Your employees look to you for strength and guidance. Demonstrate prudence in your actions and language; lead with calm.

• Work together. Focus on the health and well-being of your people and your communities. Monitor those around you and check-in with employees and loved ones.

• Lead with intention. Respond rather than react.

• Continue to be financially responsible.

• Focus on what is within your control and what is in front of you.

• Be purposeful. Decide where to put your time and effort. Focus on your personal support system—sleep, regular meals, prayer, meditation, humor, and your plan for the day.Make the conscious choice to focus on the actions that will support the work you need to do.


 If you have any resources you would like to add, please email support@kreia.com for consideration. 

 

www.KREIA.com  (Kentuckiana Real Estate Investors Association) does not give legal, tax, economic, or investment advice. KREIA disclaims all liability for the action or inaction taken or not taken as a result of communications from or to its members, officers, directors, employees and contractors. Each person should consult their own counsel, accountant and other advisors as to legal, tax, economic, investment, and related matters concerning Real Estate and other investments.   

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