Tenants not paying rent due to COVID

[Aristone Louxz]

Hello BP Community,

I have a 3 unit residential property in West New York NJ. Due to COVID 2 of the units were not able to Pay April’s rent, (one owns a barber shop which has closed and the other owns a restaurant which is closed as well).

I understand these are times of uncertainty but what are other landlords doing in these situations?

Do I apply late fees? Do I apply their security deposit to their balance for this month? What happens when next month comes and they still cannot pay rent?

I know it’s hard to tell what the future holds since everything is changing day by day but I just would like to know what other landlords are doing in a similar situation.

Best,

Aristone louxz