Our tenants and owners are important to us. We will be updating this page with helpful information for tenants and owners regarding the widespread effects of the Coronavirus (COVID-19). Please check this page regularly for more information.
Frequently Asked Questions
How is CPM handling response to COVID-19-related loss of income by tenants?
Emergency legislation has provided an opportunity for flexibility on rent when tenants can prove loss of income due to COVID-19-related causes. As tenants in these situations are contacting us, we are responding by arranging payment for rent through an installment agreement and communicating any delay in rent payments to property owners. CPM is also waiving late fees associated with delayed payments during this period of time. Overall, we are continuing the flow of communication between parties while watching for the regular changes and updates from health organizations and various levels of government. Our temporary policies surrounding this novel circumstance are evolving as we learn more. We are all going to get through this together and we hope to do our part to help our community forge ahead.
I am a tenant who lost my job or self-employment income due to employer layoff or government-mandated emergency regulations forcing my business to close. What do I do if I can't pay my rent?
- Tenant name;
- Job title and Industry;
- Any documentation to prove your loss of income (if available), i.e. letter or email from employer.
We will forward your case to the owner of your property and let you know their response as quickly as we can. Please keep in mind that we are expecting a high volume of requests around the 1st of the month when rent is due.
You manage my property. How will I know if my tenant can't pay rent this month? Am I going to see income from my property?
We will be collecting any requests from tenants and communicating with our property owners about their need. This will be done on a case by case basis, as we understand that not all property owners are in the same position financially. Please give us honest feedback about your financial need as it will help us work with you to come up with the best action plan so that you may prepare financially and we may respond to tenants as you would prefer us to do.
Helpful Links & Resources
SBA Economic Injury Disaster Loans ("EIDLs") are available at favorable terms to all small businesses impacted by COVID-19. We encourage all of our clients who may need short-term funding for their business to consider an EIDL. An "Emergency Grant" of $10,000 is also available within 3 business days, which doesn't have to be repaid. You can apply here online.
CARES Act - NEW Qualifying individuals will receive an advance on a 2020 refundable tax credit. The amount of the credit is $1,200 per individual with an annual gross income of up to $75,000 ($150,000 for joint returns). An additional $500 per child under age 17. Amounts start phasing out at about these AGI levels.
Payments will be calculated based upon your most recently filed federal tax return (2019 or 2018), and deposited to your bank account listed on those returns (if applicable), otherwise sent by check.
Important Notes: If you did not file a 2018 or 2019 tax return because you were under the income threshold, but you had income reported on a W-2, you should still receive an advance payment by check. If you are behind on child support payments you will be disqualified from the rebate program. If you qualify for the credit based on your 2020 income, and you do not receive an advance payment, you will receive a refundable credit on your 2020 tax return.
Oregon residents may be eligible to receive SNAP benefits to help pay for groceries if they have lost employment or their workplace has temporarily closed. Find the application for SNAP benefits here.
All payments of principal and interest for federal student loans are suspended until September 30, 2020. This provision only applies to non-defaulted direct loans and Federal Family Education Loans (“FFEL”) loans currently owned by the Department of Education. This does not apply to any private program student loans taken through other lenders.
During this time, interest shall not accrue for any loans that have had suspended payments. You can continue to make payments during this time and those payments will be applied 100% to principal. During the suspension period, individuals who are currently working toward loan forgiveness or are in a loan rehabilitation program will not be negatively affected. The time in suspension will count toward those plans. Important Note: You may want to check with your loan servicer to determine what actions you need to take to apply this relief to your loan accounts.
If you have borrowed funds but are forced to withdraw from school as a result of COVID-19, the CARES Act also allows for the cancellation of any debt associated with the payment period in which the student withdrew.
Facebook has announced that it will provide $100 million in cash grants and ad credits for up to 30,000 eligible small businesses. Sign up to receive notifications when applications are available.
Two new provisions of the Families First Coronavirus Response Act (“FFCRA”; Pub. L. 116-127, enacted March 19, 2020) are the Emergency Family Medical Leave Expansion Act and the Emergency Paid Sick Leave Act. These new programs are applicable to all companies with fewer than 500 employees. More information available here.
For more information about Coronavirus-related business layoffs, closures, and unemployment insurance benefits, visit the State of Oregon Employment Department COVID-19 page.