March 31, 2020 | Jessica Caron
MARCH 31, 2020 | THE PALOMAR GROUP
Many retail tenants, landlords, and small businesses are making their best efforts to navigate through all the relief information and opportunities that are available to them. We are in unprecedented times. While the Palomar Group is not a Landlord, below are multiple resources Retail Tenants, Landlords, and Small Businesses can use to help navigate the relief programs that are available.
HEALTH & SAFETY INFORMATION
FINANCIAL ASSISTANCE RESOURCES
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
CARES Act – Paycheck Protection Program – The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed into law, providing $2 trillion in emergency assistance for individuals, families and businesses affected by the pandemic. Included is the Paycheck Protection Program, administered through the SBA, providing up to $349 billion in loans to eligible businesses with less than 500 employees. Maximum loan amount is $10 million at an interest rate no higher than 4%. Funds may be used for a variety of purposes including payroll costs, rent, utilities, mortgage interest, and interest on existing debt. The loans will not require collateral and can be subject to forgiveness. To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate here.
For Regions Bank summary of what’s in the act click here.
The Facebook Small Business Grants Program is offering $100M in cash grants and ad credits to help small businesses during this challenging time.
The International Council of Shopping Centers (ICSC) provides an up-to-date list of U.S. state-by-state business closures and mandates.
Due to changing regulations in many areas, utilization of delivery is on the rise. Below are some easy-to-implement resources to establish or expand a delivery offering. Please let us know if you need any help with registration.
Postmates offers accessible delivery for nearly all items, including food.
UberEats is now offering zero delivery fees with many food purchases.
Doordash offers delivery infrastructure for restaurants.
GrubHub creates additional demand for restaurants that have an existing delivery infrastructure.