Deferred Payments During COVID-19

On Saturday, March 21, 2020, Monroe County Executive Adam Bello announced that the due date for county residents’ third installment of property taxes has been delayed from March 30, 2020 to April 30, 2020. Residents will not be responsible for interest or penalties resulting from this extension. However, for those residents who typically pay in person, all payments must now be paid online or via mail submissions. Any payment made online will also have the user fees waived by the county.

In addition, the United States Internal Revenue Service has announced that the deadline for filing federal income tax returns and making federal income tax payments has been extended to July 15, 2020. Citizens do not need to file for an extension in order to invoke the new deadline. No penalties or interest will accrue until July 16, 2020. This deadline extension only applies to federal income tax returns and federal income tax payments, it does not apply to any other taxes that may be owed.

For those with student loans - the government has also instituted changes regarding these payments. Borrowers now have the ability to suspend payments on federally-held student loans until September 30, 2020. In addition, interest will not be accruing on these loans during this time. Borrowers should contact their loan servicer in order to implement the payment suspension. Any privately-owned student loans must continue to be paid. Borrowers who would like to continue making payments can do so, but the full payment will only be applied to the principal balance after all interest that has accrued has been paid.

Finally, Governor Cuomo has announced that New York homeowners will have waived mortgage payments for 90 days for those currently experiencing financial hardships. It is unclear as to what the qualifications will be to have mortgage payments waived but it is anticipated the Governor Cuomo will provide additional guidance in the coming days. Homeowners will still be responsible for these payments, but they will be added to the end of the loan term. Governor Cuomo also indicated the 90 days could be extended based on the influence of COVID-19.

If you have any questions regarding this briefing, please contact any attorney at the firm, at (585) 730-4773.

This Legal Briefing is intended for general informational and educational purposes only and should not be considered legal advice or counsel. The substance of this Legal Briefing is not intended to cover all legal issues or developments regarding the matter. Please consult with an attorney to ascertain how these new developments may relate to you or your business. © 2020 Law Offices of Pullano & Farrow PLLC

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