COLUMBUS, OH (WOWK) – Ohio Gov. Mike DeWine has signed an executive order to provide some assistance for small businesses with rent or mortgage payments. The order asks for a 90-day pause to suspend payments and prevent foreclosures.
“Through this order, I am issuing a plea — a plea to lenders and landlords across Ohio to work with their small businesses and suspend payments for at least 90 days,” DeWine said in a tweet.
Lt. Gov. Jon Husted says the goal behind the order is to stop the economic spread of foreclosures during the pandemic. Husted said the federal government has stopped foreclosures on rental mortgages, however, this also means complex owners aren’t receiving the funds to pay their commercial loans. He adds that if all links in the financial chain are not taken care of, the bottom chain will also hurt if the owners’ properties are foreclosed.
“This will help us get through it from an economic point of view,” Husted says, “But there is a connectivity problem. If someone can’t pay their rent and we’re not evicting them, then the person who owns the complex isn’t getting the money they need to pay their commercial loan. So we are creating a 90-day pause.”