Effective Date – May 18, 2020
Merlone Geier Partners is actively monitoring the rapidly evolving situation surrounding the coronavirus (COVID-19) pandemic. The health and wellbeing of our tenants and their patrons during this time are our priorities. We have provided the information below to help tenants address some of the challenges created by COVID-19. We will update this site as new information and resources become available.
Health & Safety Information
We encourage tenants to keep up to date on the latest information and guidelines provided by the Centers for Disease Control & Prevention (CDC). Below are links to guidance on preventing exposure and maintaining healthy business operations during the coronavirus pandemic.
- Guidance for Business and Employers to Plan and Respond to COVID-19
- Environmental Cleaning & Disinfection Recommendations
- Preparing Workplaces for COVID-19
In the event of a confirmed COVID-19 case at your location, we ask that you contact your property manager immediately after reporting the COVID-19 infection to health officials.
Financial relief programs and other resources for businesses and individuals impacted by the COVID-19 pandemic are available at the national, state and local level. We have provided the information below to help you explore the various resources available to you.
Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)
The CARES Act, a $2 trillion economic stimulus package, was signed into law on March 27, 2020 and is meant to provide emergency economic relief to businesses and individuals impacted by the coronavirus pandemic. To help tenants understand this legislation, Merlone Geier compiled a summary of relief for small businesses provided by the CARES Act, which is available below.
Paycheck Protection Loan Program
The CARES Act allocates $349 billion in government funding to help small businesses pay payroll and other operating expenses through the Paycheck Protection Program (“PPP”). The PPP provides federally guaranteed loans of up to $10mm to small businesses. Loan funds can be used for payroll costs, rent, mortgage payments, and utility expenses. These loans are forgivable if borrowers maintain their payrolls during the crisis or restore their payrolls within a specific time period.
Main Street Lending Program
The Federal Reserve has created a new lending facility to provide financing to small and medium sized businesses affected by the coronavirus pandemic. This Main Street Lending Program will fund up to $600 billion in loans to businesses with up to 15,000 employees or less than $2.5 billion in annual revenues. Loans will have 4-year terms and all payments will be deferred for 1 year.
SBA Economic Injury Disaster Loan Program
The U.S. Small Business Association (SBA) is providing working capital loans of up to $2mm to businesses that have suffered economic injury as a result of the COVID-19. Funds can be used to cover fixed debts, payroll, accounts payable, and other bills that the coronavirus has affected your ability to pay.
Emergency Economic Injury Grants
The CARES Act allows for grants of up to $10,000 to be made available to small businesses financially impacted by COVID-19. These grants do not need to be repaid and are meant to provide emergency funds for small businesses to cover immediate operating costs including payroll, rent, interest, and other business obligations. Anyone who applies for an SBA Economic Injury Disaster Loan is eligible to receive the grant. Grants are available through December 31, 2020. You can find more information here, and can apply here.
Small Business Debt Relief Program
The CARES Act includes a new debt relief program, which provides immediate relief to small businesses with non-disaster SBA loans. The SBA will cover all loan payments, including principal, interest, and fees, for six months on SBA 7(a) loans (not made under the new Paycheck Protection Program). This debt relief will also apply to any borrower who takes out a new SBA 7(a) loan prior to September 27, 2020. More information on this program is available on the SBA website.
State & Local Resources
States and municipalities are continually adding new programs to help relieve the financial impact of COVID-19 on businesses and individuals. We encourage you to visit your state and local government websites for information on available resources. Below are links to information on business resources for the states in which Merlone Geier Partners operates.
Additional Information & Resources
General Information & Updates
- ICSC: COVID-19 Updates for the Retail Industry
- US Chamber of Commerce: Coronavirus Small Business Guide
- US Department of Labor: Coronavirus Resources