As the coronavirus (COVID-19) continues to impact all areas of our lives, many New Jersey consumers and business owners are experiencing serious financial difficulty or may encounter it soon. Temporary closures may become permanent for small businesses that can’t survive long without customers. And we’ve already seen employees across the country losing their jobs or having their hours cut as businesses struggle to cope with the new normal.

Whether due to illness, workplace closure or anything else related to coronavirus, if you’ve fallen into a financial pit and need to dig your way out, bankruptcy or other debt-relief measures may be available.

For individuals facing financial difficulty during this unprecedented crisis, the following tips and information may be helpful:

• Check the New Jersey Department of Labor’s website for a list of 10 employment benefit scenarios about how people are impacted by coronavirus, including being out of work because their employer closed temporarily or otherwise.
• Contact your lenders and loan servicers, many of whom may be able to offer fee waivers for late payments, change a payment date or allow you to skip a payment.
• If you owe individual federal income taxes for 2019, you do not have to pay until July 15. You need not file a request; all individuals automatically receive this extension. You must still file your taxes by April 15 as usual, but the payment deadline has been pushed back.

For business owners who are struggling to stay solvent during the slowdown caused by coronavirus, there are several options to consider:

• Find out whether your business can get access to short-term financing such as SBA loans, which have been expanded during the COVID-19 crisis.
• Talk to suppliers and vendors. They all understand what is going on and may be willing to be flexible with payments, if they can afford to be.
• Discuss the situation with your lenders. They may be able to restructure your loan or offer other temporary measures to get you through this period of uncertainty.
• Call your landlord and see if you can arrive at a workable plan for paying rent for these next few months.

The Law Offices of James C. Zimmerman remain open to clients during the coronavirus public health crisis. If you need debt relief advice, we can arrange appointments at any of our five locations: Vernon, Wayne, Pompton Lakes, Hackensack or Nutley. We are able to do most of our work over the phone, via email and online, so you do not need to visit our office in person. Call 973-764-1633 or contact us online to schedule a free initial consultation and get details on how to work with a lawyer amid the COVID-19 situation.