Amid the lingering coronavirus pandemic, many small businesses continue to face extreme pressure, forced to adjust to ever-changing shutdown rules and taking on new, sometimes costly practices to keep their businesses and employees safe. There has been a lot of change in 2021 especially the changes in relief programs and collection practices.
Collection Practices
There have been pandemic-related restrictions on the collection of small business debts since the COVID-19 emergency declaration in March of 2020. Now that the preliminary assault from COVID-19 is steadying, collection agencies will be able to pick up from where they left off and resume debt collection, with some exceptions. A judicially imposed suspension on some debt collection activities was put into place during the early months of the public health crisis. Now, the world is trying its best to get back to “normal” and so are debt collectors.
It is a bit complicated. The rules about small business debt collection during the pandemic have changed in the effort to ease the pain from the financial fallout of this crisis. Different states have different allowances and restrictions for the collections process. Our skilled experts at American Finasco can help you navigate through your rights and obligations.
Relief Programs
The length of the coronavirus pandemic will cause a longer period of relief programs for small businesses and most likely stretch through 2021. Although pandemic aid programs may delay payment of some of your small business debts right now, those allowances will eventually expire.
As we look ahead, there are several quarters of reduced business activity ahead. On the bright side, interest rates are predicted to remain low and this is a reason to be hopeful. American Finasco provides our clients effective solutions for business debt relief. Contact us today to get your business on the right track!
We have yet to see what the new normal really looks like. In the meantime, American Finasco is here to help provide strategies and take the pressure off business owners who are having a hard time managing their debt. The key will be planning ahead with help from American Finasco. The first step when dealing with overwhelming debt or creditors is a phone call to American Finasco. We provide our clients effective solutions for business debt relief.
While American Finasco can help restructure your debt, we often work with Private Mortgage Financing Partners to provide a joint solution. PMF Partners can refinance your low loan to value commercial real estate and give you the cash out to pay off or pay down other debt. Contact us today to get your business on the right track! Visit Contact Us and complete our Online Form for a free consultation or call (800) 299-2909. We look forward to speaking with you.