CARES Act and AppFolio

Important information about the CARES Act and how it affects RentBureau reporting in AppFolio.

Note: This information is not intended to be legal advice. Please review your obligations under the CARES Act with your legal counsel.

What Is the CARES Act?

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020 to provide relief to businesses and consumers. Section 4021 sets out specific requirements for how furnishers must report information relating to payment plans ("accommodations") made with consumers due to COVID-19 financial hardship.

What Is a Payment Plan / Accommodation?

An agreement to defer payments, make partial payments, forbear delinquent amounts, modify a loan or contract, or any other relief granted to a consumer affected by COVID-19 during the covered period.

Payment Plans in AppFolio

AppFolio's Payment Plan feature allows you to set up a plan for each charge where payment will be deferred. The system automatically creates future charges so amounts due show in good standing and are accurately reflected in the tenant Online Portal.

How Are Balances Reported to RentBureau?

• If a tenant was previously in good standing and pays in accordance with the plan, positive data must be reported
• If a tenant was delinquent before the payment plan, that delinquent information can still be reported
• The applicable time period runs from January 31, 2020 until 120 days after the national emergency declaration ends

Key Takeaway

If you aren't sure whether you have a CARES Act payment plan with a tenant, consult your legal counsel for assistance.