COVID-19 Client FAQ

*We will be updating this page as information is made available. Please check in for new developments and resources*

Airbnb Host Repayment Program

For a reservation to be eligible under our extenuating circumstances policy, it must have been for accommodations and booked on or before March 14 with a check-in between March 14 and May 31, 2020. If a reservation is covered:

  • Guests will be able to cancel for a full refund for COVID-19-related circumstances.
  • Airbnb will pay 25% of what you would’ve received for a cancellation based on your cancellation policy. For example, if you would normally receive $400 USD through your cancellation policy, we’ll pay you 25% of that—or $100 USD.
  • We’ll send an email with more details in early April to hosts who are getting a payout. Future payments from the fund will be made on a monthly basis to hosts with qualifying cancellations.
  • This policy will also apply retroactively, including any cancellations you may have had since March 14.

Read more from Airbnb

Realtor & Real Estate Investor Relief

Congress has voted on a historic COVID-19 relief that includes many benefits for Realtors and Real Estate Investors.

The following document was compiled by the National Association of REALTORS (NAR) detailing provisions in the following areas:

  • Affordable Housing
  • Banks and Credit Reporting
  • Broadband
  • Federal Transit Administration
  • SBA Provisions
  • Student Loans
  • Tax
  • Unemployment Insurance and
  • Families First Coronavirus Response Act

COVID-19 Real Estate Legislation

This information is very new and we are working to understand all related details, including how to apply for aid. Please keep an eye out for additional information from Key Source Properties.

 

Tips for Economic Success:

  • Remove recurring charges from autopay to have better control over your finances
  • Discuss payment deferrals with vendors to whom you owe money
  • Apply for the SBA disaster relief loans, even if you don’t need them. They can always be returned.

 

News Articles

 

Resources

 

Local Companies Not Interrupting Service for Non-Payment

Louisville Water Company (also waiving penalties)
Some credit card companies are offering deferrals and credits towards interest

 

Additional Information 

 

Frequently Asked Questions

What do we know about the $250 Million Airbnb fund for hosts? 
This program was announced by Airbnb’s CEO on 03/30. Payment appears to be tied to reservations that were canceled without regard for host cancelation policies. No additional details are known at this time. We are in communication with our Airbnb Account Manager about this and will provide updates on the program as they are announced.

 

Will Key Source Properties offices remain open? 
For the health and safety of our team, we are temporarily closing our office doors on March 19, 2020. We plan to return to normal operations on April 1, 2020. We will monitor announcements from state and federal government agencies and keep you informed of changes to this plan.

 

When will we receive March rental proceeds?
STR and Property Management:  March rental proceeds will be paid out by April 10th and by ACH only. If you do not have a bank account on file with us, please ensure we receive that information so we can remit [payment on time.

 

Are we still able to receive reservations?
Key Source is still working for you around the clock. We are staying on top of calendar availability and employing every available resource to continue operations in a safe and responsible manner. Guests are able to make reservations, and cleanings will still occur. We are able to do this because our business requires little to no face-to-face interaction. When cleaning properties, we are taking precautions to property disinfect and ensure the safety and wellbeing of our cleaning team.

 

Are guests still making reservations?
Interest in 30+ day rentals is increasing as people look to be closer to family and escape larger cities. We are also in touch with hospital staffing and travel nursing companies to take advantage of any influx of temporary medical staff in need of accommodations. There is an ongoing dialogue with City officials to be a resource for them in the event furnished accommodations are needed. Reservations continue to come in and we are still open for business!

 

What about Derby?
We are actively working with existing Derby reservations to move their reservation to September. We are also receiving NEW Derby reservations.

 

Will we be eligible for government relief?
While legislation is being discussed to provide relief on the individual and small business level, those actions will not come quickly. This can be frustrating as a business owner but is also largely out of anyone’s individual control.  Do the best you can, with what you have and within the constraints being outlined.