Landlords don't need the SBA for the crisis they need Section 8

[Sam Cherry]

Someone needs to call the White House and each Governors Office and stop this SBA insanity.

Landlords don't need "Loans" they need payment vouchers.  

Housing and Urban Development is the correct way to manage the rental issue.

This is the correct and efficient way to manage this at the Federal/State level.

This is as simple as it has to be.

Landlords register their properties from their Schedule E from their 1040 with Section 8 online.  

Tenants who have been approved for unemployment are automatically authorized Section 8 vouchers with online verification

At the end of the year landlords will receive a 1099-MISC for each property for the amount of rent received which is totally subject to depreciation.

At the end of the year tenants will receive a 1099-MISC for the amount of rent paid on their behalf and subject to their tax bracket.

This can all be set up online, is totally verifiable, and efficient.

When you no longer qualify for unemployment, you lose your section 8 and landlords only qualify for rentals that have unemployed tenants and not those with the ability to pay.

Again this can all be done online and is simple for both the Landlord and Tenant to understand.

It is also the correct way to do it by the Internal Revenue Code.

This SBA Loan program is a complete sham and is being run by the BANKS under guise of the DEPT OF TREASURY.

I would get a lawyer opinion before I would do this, because not only are you going to go bankrupt you are going to wind up dealing with the bank secrecy act and treasury regulations in addition to the IRC.

WARNING LANDLORDS YOU ARE PLAYING WITH FIRE IF YOU GO THIS ROUTE.  This is the worst way to do this.

You have to ask yourself why didn't congress or the executive branch think of doing it this way?

I will tell you why.  BANKS.

This is a way to run more money through the Federal Reserve and the Banking System.

This SBA sham is a way to bail out the banks and have Landlords on the hook.

I am totally confused as to why the Department of Housing and Urban Development isn't all over this.

I believe this isn't going to be what landlords think it is.

[Sam Cherry]

For those who have requested a letter here goes:

Dear President/Govenor/Senator/Congressman/HUD Secretary/Govenor (You Fill in the blank)

Thank you for all that you are doing to help citizens and businesses affected by COVID-19.

As you are aware, Landlords provide a vital service to many millions of American.   We provide safe and affordable housing to citizens who can't afford to purchase homes themselves.

Second only to to food, shelter is important as a basic need that no American should live without.

This is why I am writing to you to ask for help in the implementation of emergency changes to the Federal Housing and Urban Renewal Section 8 program.

As a landlord I propose the following:

The qualification for Section 8 should be opened to all unemployed American receiving unemployment benefits.

All Landlords who file a IRS Schedule E are eligible to receive benefits based on properties listed on their Schedule E for 2018 or for any 2019 tax return filed.

Section 8 will waive the home inspection and Landlord requirements for the participants  in this emergency program and will not remove the traditional application process for those seeking to participate in the Section 8 program.   Section 8 will only provide payments while the citizen is receiving unemployment insurance.

This emergency program requirements are easily verified for participates through the unemployment insurance offices and the Internal Revenue Service.   

The program limits payments only for the rent amount.  At the end of the year the citizen receiving benefits will receive a 1099-MISC for rent paid subject to their tax bracket.  

The Landlord will receive a 1099-MISC which they will file with their Schedule E as rent received.   This will not require any tax difficulty for the landlord and is subject to depreciation and valid deductible property expenses.

This provides benefits to two segments of the population simultaneously, efficiently, and seamlessly.

Housing and Urban Development is the correct office to manage this program and provide rapid relief to the people who need it the most.

I can be reached for further questions at.........

Thank you,

J.Q. Landlord