Last updated: June 29, 2020
As a small business owner, sole proprietor, or self-employed individual who owns a vacation rental unit, you may be eligible to receive some form of financial relief.
Paycheck Protection Program: Administered by the SBA, this program provides loans to retain employees, or to recover lost income or net earnings for sole proprietors and the self-employed, and to make payments on rent, mortgage interest, or utilities. Some or all of the loan may be forgivable.
Economic Injury Disaster Loan Emergency Advance: Administered through the SBA, this program provides funds to those experiencing a temporary loss of revenue. As a vacation rental owner, you may be eligible for this advance that may not have to be repaid.
Mortgage forbearance & protection: If you have a mortgage that is federally backed, the Federal Housing Finance Agency offers loan forbearance and protection from foreclosure.
If your mortgage is not federally backed, check with your mortgage lender for more information on any loan deferral or forbearance programs they might have.
Individual recovery rebate: The IRS is sending up to $1,200 per individual adult, and $500 for each qualifying child. Except for those who have not or were not required to file 2018 and 2019 taxes, no further action is necessary to receive these rebates. More information for non-filers can be found on the IRS’s website.
Tax credits and payroll tax deferrals: Other tax credits are available for businesses with employees, including sick and family leave credits, and the Employee Retention Credit
Tax deadline extension: The usual April 15 federal tax filing deadline has been extended to July 15.
Penalties for early withdrawals from certain retirement accounts may also be waived. More guidance on retirement accounts will be posted on the IRS website.
We encourage you to review the guidance from the following federal agencies on the various programs that may be available to you: