Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Government advice to restrict the spread of Coronavirus is, and will obviously have, a detrimental knock on effect to levels of employment, wages and self employed income.
Jeremy Corbyn and the Labour party are pushing hard for legislation such that non-payment of rent due to Coronavirus would not count as legal grounds for eviction. Boris Johnson has very carefully worded confirmation in PMQs today that measures to protect tenants will be brought forward.
Chris Sheldon of LettingSupermarket.com, has considered the following temporary solution. which in the short term will help tenants pay rent.
Chris has setup an LettingSupermarket.com Paypal account and will advise tenants that if they setup a Paypal credit facility they receive 4 months interest free payments.
If tenants cannot afford to pay their rent then they can request LettingSupermarket.com invoice them from their paypal account at which point they can pay through Paypal credit and then pay it back as and when they can.
This of course depends on if the tenant can get credit, but a large majority of people will be able to.
Chris Sheldon said: “In light of a lack of solutions from the government at present this is the best and most expedient option I could come up with so far.”
LettingSupermarket.com charge just 5% of rent for a full management service (6% if properties are inside the M25). Click here for more details
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