Commercial Tenant Resources During COVID-19

Updated May 20, 2020

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.

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.

Photo by Erik Mclean on Unsplash
Photo by Erik Mclean on Unsplash

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.

Guide to PPP Loan Forgiveness

May 20, 2020: Updated information from the U.S. Chamber of Commerce

The U.S. Chamber of Commerce has released a new guide to help businesses navigate loan forgiveness under the Paycheck Protection Program: 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.

  1. 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.
  2. 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.
  3. 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.

The Thurston County Chamber is also closely monitoring the impacts to our local businesses caused by the COVID-19 outbreak. They have created a page with resources and information that can help our local small business community get through these challenging times.