NEW YORK CITY- Landlords are putting out calls in influx to legal counsel in the wake of new laws Congress has passed to alleviate financial pressures the coronavirus, also known as COVID-19, has caused with social isolation measures in effect. This is not to just understand what is happening on Wall Street, but so that stakeholders can better help their tenants, such as small businesses with less resources, navigate the legalese and what it means for the future, Barry Lapides, a partner at Berger Singerman law firm, tells GlobeSt.com.
“I have clients call me and need help navigating new laws being passed by congress and get help for small businesses because they need to help tenants understand the laws,” Lapides said. “Landlords need to make a more proactive position to help small businesses understand the programs available. We’re helping the mainstream not just Wall Street,” he said.
Food retailers and workers in the service industry are on the frontlines of the virus and cannot afford to hunker down and follow the same rules and guidelines in place around the coronavirus, which is why landlord support is important, Lapides said. For that reason, he has been having dialogue with clients to allocate resources to soft spots within their property portfolios, and is urging against knee-jerk reactions to rush and make business decisions in the current economic climate, which has demonstrated new levels of risk.
“Take a pause and take a deep breath, you don’t need to do anything at this moment to control your liquidity and maintain liquidity if you are acting on emotion and fear,” Lapides said he tells concerned clients and partners. “You can do it the next day because you can’t unring that bell once it’s gone.”