Commercial Tenant Resources During COVID-19
Updated January 4, 2021
As the world around is rapidly changing, The Rants Group is adapting to change with it. If your business has closed or suffered a significant reduction in revenue due to the coronavirus, we want to work with you. Our goal is to keep you in business. This virus is a tragedy for everyone, and we want to minimize the pain for you and for and for our client, the property owner.
As a small business ourselves, The Rants Group has been keeping up on the government’s newly passed programs, providing financial assistance to small businesses. Many of you have probably been doing the same, but for those of you who have not, we hope this information can be helpful.
- Coronavirus (COVID-19): Small Business Guidance & Loan Resources
- COVID-19 Economic Injury Disaster Loan Application
Many tenants have already reached out to communicate their current situation. Thank you. For those of you who haven’t already, and are concerned about paying rent, please do so as soon as possible. The more we communicate, the better we will be able to work together.
As a commercial tenant, if your business is closed and you will have trouble paying your full rent in here’s what to do:
- Contact your property manager at The Rants Group to discuss your situation. If you stay in touch, we are better able to help. Click here for a contact list of all our staff a and managers.
- Send us in writing the date your business closed or the circumstances around your reduction in revenue. Also, tell us what, if anything, you can do for revenue until your business can reopen. We need this to talk with the owner of your property about your situation knowledgeably.
- If you can make at least a partial rental payment, The Rants Group will waive the late fee accrued for paying the remainder of your rent.
- Talk to your property manager as much as you can about a plan for the future.
- The Rants Group manages for many different owners who themselves have different circumstances. Our ability to meet your requests will differ from property to property.
- The world’s response to the virus will change often. We all will be learning more about the response to the virus as time passes so that we will be reviewing our policies continually.
As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.
Congress has also made changes to other programs–including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs–that will benefit small businesses. Here’s everything small business owners need to know now:
Contents:
Gov. Jay Inslee announced an additional $70 million for business grants. $50 million of this is for Round 3 of the Working Washington Small Business grants. The remainder will go towards funding qualified businesses that applied in earlier rounds of our resiliency grant program.
NOTE: Businesses that applied for the resiliency grant program will not need to take any action.
Application site traffic may be high so page load times may be impacted. Applicants are encouraged to be patient or try accessing the site during non-peak hours such as early morning, late evening or the weekend.
Who can apply for Round 3?
These grants are prioritized for:
- Small businesses with annual revenues of $5 million or less in 2019
AND
Businesses in the sectors that are most impacted by the recent public health measures or sectors that have experienced significant, cumulative impacts. Examples include full-service restaurants, fitness centers, bowling alleys and music and event venues. - Certain nonprofits may also be eligible if they have a primary business activity that falls into a similar category as noted above. Example – a nonprofit full-service restaurant or nonprofit music venue.
- If Commerce is able to fund all the eligible applicants from the priority pool, and funds remain, we may be able to provide grants to additional businesses or nonprofits from other sectors or who have annual revenues larger than $5 million.
The application describes additional criteria. Business owners with multiple locations can apply for each location that has its own unique UBI number.
What does the grant pay for:
The maximum award grant will be up to $20,000.
The grant can only cover expenses or costs incurred due to COVID-19 and that were necessary to continue business operations. The application includes an eligibility checklist with the following criteria:
- The expense is connected to the COVID-19 emergency.
- The expense is “necessary” to continue business operations.
- The expense is not filling a short fall in government revenues. (i.e. taxes, licenses, state, county, federal and/or city fees)
- The Business will self–attest that the expense is not funded by any other funder, whether private, State or Federal.
- The business wouldn’t be requesting assistance with expenses if they had not been impacted COVID-19.
The application has more detail regarding what expenses are covered by this grant.
How to apply:
- The online application portal will open this week and a link to the application will appear on this page.
- Priority will be given to applications received by Dec. 11, 2020. If Commerce is able to fund all the applicants who submit by that time, we may be able to consider applicants who submit after the 11th.
Here is a checklist of the information you’ll need to have ready:
- Copy of valid government-issued photo I.D.
- For tribal-member owned businesses: license or certification if business activity is conducted outside the tribal jurisdiction; letter or certification from the tribe recognizing you as a business if business activity is within the tribal jurisdiction.
- NAICS code or clear description of your primary business activity. A NAICS code is helpful, but not necessary. If you have never used a NAICS code, you can learn more here: What is a NAICS Code? and explore NAICS codesto see which one fits your business.
New Working Washington Business Grant and Loan Funding Announcement
The Thurston EDC is working closely with the Department of Commerce in order to share with the Thurston County business community the most up-to-date information regarding the disbursement of additional Washington State CARES funding. We hope to have additional information this afternoon or tomorrow morning. Please stay tuned.
We are posting the announcement in its original form with links to specific resource pages: please follow these links on your own in case we don’t receive clarifying info quickly. We will post/email updates to subscribers as soon as we receive them. The new grant application process is expected to start this week.
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This is an update to help businesses prepare for the Working Washington business grant application process that will open early next week.
Last week, Gov. Jay Inslee announced an additional $70 million for business grants. $50 million of that is for a new round of Working Washington business grants. The remainder will go toward funding all qualified businesses that applied in earlier rounds of our resiliency grant program. (NOTE: Businesses who applied for resiliency grant will not need to take any action).
The application portal and additional information will be posted at www.commerce.wa.gov/bizgrants.
Who can apply?
These grants are prioritized for:
- Small businesses with annual revenues of $5 million or less in 2019
- Businesses in sectors most impacted by the recent public health measures as well as businesses in sectors that have experienced significant, cumulative impacts. Examples include full-service restaurants, fitness centers, bowling alleys and music/event venues.
- Certain nonprofits may also be eligible if they have a primary business activity that falls into a similar category as noted above. Example – a nonprofit full-service restaurant or nonprofit music venue.
If the state Department of Commerce is able to fund all the eligible applicants from the priority pool, and funds remain, Commerce may be able to provide grants to additional businesses or nonprofits from other sectors or who have annual revenues larger than $5 million.
What does the grant pay for?
- The maximum grant award will be up to $20,000.
- The grant can only cover expenses or costs incurred due to COVID-19 and that were necessary to continue business operations.
How can I apply?
- The online application portal will open early next week (the week of Nov. 30). The portal link will be available at commerce.wa.gov/bizgrants. Additional information about eligibility and prioritization will also be posted there.
- Priority will be given to applications received by Dec. 10. If Commerce is able to fund all the eligible applicants who submit by that time, we may be able to consider eligible applicants who submit after the 10th.
- Checklist of the information you’ll need to have ready:
- Applicant W-9 Request for Taxpayer Identification Number
- Copy of valid government-issued photo I.D.
- For Tribal-member owned businesses: license or certification if business activity is conducted outside the tribal jurisdiction; letter or certification from the tribe recognizing you as a business if business activity is within the tribal jurisdiction.
- Copy of 2019 Tax Return/ other confirmation of Gross Revenues for 2019.
- For businesses with a physical location, evidence of that location, such as lease, tax statement, utility bill, etc.
NAICS code or clear description of primary business activity. A NAICS code is helpful, but not necessary. If you have never used a NAICS code, you can learn more here: What is a NAICS Code? and explore NAICS codes to see which one fits your business.
Guide to PPP Loan Forgiveness
June 18, 2020: Updated information from the U.S. Chamber of Commerce
Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
Congress recently changed the rules regarding loan forgiveness. The Treasury Department and Small Business Administration are responsible for updating the application form and instructions for loan forgiveness. You can find the most up-to-date information here.
PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
Guide to PPP Loan Forgiveness.
This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
Here are some of the important questions this guide addresses:
- How much will be forgiven?
- What happens to loan amounts that are NOT forgiven?
- What are the record keeping requirements?
Guide to PPP Loan Forgiveness
June 18, 2020: Updated information from the U.S. Chamber of Commerce
Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
Congress recently changed the rules regarding loan forgiveness. The Treasury Department and Small Business Administration are responsible for updating the application form and instructions for loan forgiveness. You can find the most up-to-date information here.
PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
Guide to PPP Loan Forgiveness.
This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
Here are some of the important questions this guide addresses:
- How much will be forgiven?
- What happens to loan amounts that are NOT forgiven?
- What are the record keeping requirements?
May 13, 2020
"...Within this toolkit, you will find resources for preparing your business, office space and employees following recommended COVID-19 protocols. It includes information from Washington State on specific requirements for reopening as well as resources for developing safe business practices and educating employees..."
- David Schaffert, Thurston Chamber President/CEO
Additional $370 Billion in Emergency Loans and Grants on the Way
April 24, 2020: Updated information from the U.S. Chamber of Commerce
More small business aid is on the way after Congress passed legislation to replenish emergency loan and grant programs for small businesses, self-employed individuals and independent contractors.
The measure includes an additional $310 billion for the depleted Paycheck Protection Program (PPP) and an additional $60 billion for the Economic Injury Disaster Loan (EIDL) program. This new funding is expected to go quickly.
Here are step-by-step guides to apply for funding through PPP and EIDL.
- SMALL BUSINESS GUIDE TO PAYCHECK PROTECTION PROGRAM (PPP) LOANS
The CARES Act allocated $350 billion to help small firms keep workers employed. Called the Paycheck Protection Program (PPP), the initiative provides 100% guaranteed loans that can be forgiven if borrowers maintain or restore payrolls. Check eligibility and prepare to apply using this guide. - SMALL BUSINESS GUIDE TO ECONOMIC INJURY DISASTER LOANS (EIDL)
The CARES Act expanded the SBA’s long-standing Economic Injury Disaster Loan Program (EIDL), which includes additional loan programs and $10,000 emergency grants. Check eligibility, calculate borrowing limits, and prepare to apply using this guide. - INDEPENDENT CONTRACTOR GUIDE TO PPP AND EIDL LOANS
If you are an independent contractor or self-employed individual, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for lost income. This guide walks independent contractors through the steps.
If you are an independent contractor or self-employed individual, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for lost income. This guide walks independent contractors through the steps.
For many more resources, webinars, research, and advocacy tools for small businesses, visit uschamber.com/savesmallbusiness.
Our wish as we work our way through this crisis is, if possible, to keep you in business.
If your business is operating, we know you may still be nervous. Please pay your rent on time. The owners of these buildings still need income to keep maintaining the property, pay the bills, and their mortgage.