Law Offices of Nicholas Gebelt

What Is the Impact of Nonresidential Rent Deferrals on Bankruptcy Filings?

The CARES Act dovetails with nonresidential rent deferrals. The idea here is that if the person who owns the non-residential property has tenants and those tenants aren’t paying because of mortgage forbearance, then it gives some forbearance to the owner of the non-residential property, who presumably has a mortgage against the property. It also helps in cases where there are no tenants currently because of business closures due to the COVID-19 pandemic. Rent deferrals give relief to the owner of the building.

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