Many people are going to see their jobs and incomes hit by the economic effects of Coronavirus.
For business and self employment support measures, see the Business Support Government website; https://www.businesssupport.gov.uk/coronavirus-business-support/
Also see the new tool that determines what financial support your business is eligible for like loans, tax relief and cash grants; https://www.gov.uk/business-coronavirus-support-finder
Many tenants who were working before the lockdown will have been furloughed and in receipt of at least 80% of their pay. For tenants who have seen a sudden drop in income, they may qualify for Universal Credit or an increase in Universal Credit. If your tenant is struggling to make rent payments, be sympathetic and work with them. They can contact Shelter, the Money Advice Service or the Citizen’s Advice Bureau who will talk through options to access hardship funds, Universal Credit etc; https://england.shelter.org.uk/housing_advice/coronavirus
Mortgage lenders have agreed they will support customers that are experiencing issues with their finances as a result of Covid-19, including through payment holidays of up to 3 months. This may affect your future lending so it’s wise to get financial advice before making an application.
Our main advice in regards to rental income is for landlords to consider each tenants situation on a case by case basis. For a tenant who suddenly sees a drop in income, a landlord could consider a partial rent payment, the deficit to be paid at a later date. We recommend that landlords keep good records of the measures that they have implemented so it’s clear to see the request from the tenant, the reasons for the request and the solution provided by the landlord.