Published: May 27, 2020PDF
AbstractIntroducing rent assistance for small businesses. The rent assistance will be provided through forgivable loans to property owners leasing property to eligible small businesses. In order to qualify for a forgivable loan in relation to the rent paid by an eligible small business, the property owners must have signed an agreement to lower the rent of a tenant small business by at least 75% and to not evict the tenant in April, May, or June of 2020. The loan will be forgiven if rents are in fact lowered by at least 75%. Eligible small businesses are those who:
- pay no more than $50,000 in monthly gross rent per location;
- generate no more than $20 million in annual gross revenues, calculated on a consolidated basis; and
- have temporarily ceased operations (i.e. generating no revenues) or have experienced at least a 70% decline compared to pre-COVID-19 revenues.