Longtime tenant having financial difficulties

[Kevin W.]

My long term tenant (almost 3 years) has informed me that he’s having some financial issues. Last month the rent was paid in full, but split into 2 payments...this month he shorted me $250. I’m assuming/hoping he will pay the balance before the end of the month. I’ve never had to charge him a late fee in the past, but I don’t want to allow this to continue. Any recommendations on how to handle this situation?