Tools for Renters During COVID19 Economy

As we find ourselves in this new reality with many people out of employment and income a question mark, so many are looking to figure out what the next day/week/month is going to look like.  With the government unveiling aid measures last week, we are hopeful that this can be a solution for many.  The truth is this will be a difficult time for many.  We want to provide the tools that may be available to you as you look to hunker down and weather this storm. See below for 6 tools available.

1. Employment insurance (for both general job loss and sickness leave): https://www.canada.ca/en/services/benefits/ei.html

Everything below can be found at this link: https://www.alberta.ca/covid-19-supports-for-albertans.aspx

2. Emergency Care and Emergency Support -For workers without paid sick leave (or similar workplace accommodation) who are sick, quarantined or forced to stay home to care for children, the Government is:

• Introducing the Emergency Care Benefit by providing up to $900 bi-weekly, for up to 15 weeks. This benefit will provide income support to:
• Workers, including the self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.
• Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent.
• Parents with children who require care or supervision due to school closures, and are unable to earn employment income.
• Application for the Emergency Care Benefit will be available in April 2020, and will require Canadians to attest that they meet the eligibility requirements.

3. Emergency isolation support 

• This will be a temporary program for working adult Albertans who must self-isolate because they meet the Government of Alberta’s published criteria for self-isolation, including persons who are the sole care-giver for a dependent who must self-isolate because they meet the public health criteria, and who will not have another source of pay or compensation while they are self-isolated.
• A one-time payment of $1,146 will be distributed to bridge the gap until the federal emergency payments begin in April.
• We expect the program to be available through a simple online application next week and that funds will be deposited in the accounts of eligible recipients beginning at that time.
• More information on how to apply will be available next week.

4. Utility payment deferral

• Residential customers can defer electricity and natural gas bill payments for the next 90 days to ensure no one will be cut off, regardless of the service provider.
• Call your utility provider directly to arrange for a 90-day deferral on all payments.

5. Student loans repayment deferral

• We are implementing a six-month, interest free, moratorium on Alberta student loan payments for all Albertans in the process of repaying these loans.
• Alberta Student Loan repayments will be paused for 6 months, beginning March 30, 2020.
• Interest will not accrue during this period. This mirrors the approach of the Canada Student Loans Program.
• Students do not need to apply for the repayment pause.
• Borrowers may continue making payments during this period if they choose and this will not affect their eligibility to receive the benefit.

6. Banks and credit unions

• ATB financial customers - Personal banking customers can apply for a deferral on their ATB loans, lines of credit and mortgages for up to 6 months.
• Alberta Credit Unions - Credit union members will have access to a variety of programs and solutions designed to ease difficulties with loan payments and short-term cash flow. Contact your credit union to work out a plan for your personal situation
• (note that this is the AB Gov banks highlighted in this and other banks are open to discussion of payment relief)

We understand that there will be some tenants who will still struggle to make ends meet through this time.  We are talking with property owners about options should this be the case.  This will be on a case by case basis.  Unfortunately we are seeing that mortgage deferral is not the quick pause button on mortgages that it seemed.  We are hearing banks are denying deferral on rental property mortgages and even denying many primary residence mortgages and making this a very difficult solution to make happen.  We would encourage all of our tenants to use every tool being made available to them.  We want to see you able to provide for yourself and your family through this.  If you are at a point where you can not make rent payments, let us know.  We are developing a process of showing unemployment and Employment Insurance income along with other financial details with which we can discuss your situation with the property owner.  We hope that many of you can find the resilience and aid you need through this time.  We are in this together!