We at Coastline Equity, as the management company for the space you rent, are looking at a variety of options for all our tenants, residents, and landlords on how we all can make it through this extraordinary economic disruption.
With the passage of the new government stimulus programs listed below, hopefully, all of us will be able to navigate safely through these challenging times by working together. To that end, we thought you might like to have contact information and procedures for inquiring about and qualifying for one of the small business loans which in some programs offers significantly more relief than just a rental adjustment.
This website has been periodically down because of demand but it administered directly from the government. The loan amount maximum is $2,000,000, 30-year amortizations, 12 months of payment deferrals with rates around mid 3’s. Nonprofit, non-religious organizations are ok. The focus on the borrower’s side should be proving up the economic injury to the business as that is a key aspect of all these funding sources and will need to be closely documented and subject to audits. Collateral is going to be required. The formula for approval is Sales-Cost of Goods Sold/2. It sounds like these are taking 60-90 days to get done. Proceeds can’t be used for shareholder loan repayment, stock buyback, fixed asset purchase, long term debt refinances, repayment on federal debt and borrower must maintain receipts.
A cabinet-level department of the U.S. federal government, the Department of Labor is responsible for occupational safety, wage and hour standards, unemployment insurance benefits, and more. Their unemployment insurance programs provide benefits to eligible workers who become unemployed due to coronavirus.
Led by advocates for restaurant workers, One Fair Wage is a nonprofit, non-governmental organization. Right now they are providing cash assistance to restaurant workers, car service drivers, delivery workers, and personal service workers who are financially struggling due to temporary unemployment.
A U.S. government agency, the SBA provides support to entrepreneurs and small businesses. At the moment they are currently offering low-interest loans of up to $2 million to small businesses and nonprofits in certain states that have been impacted by COVID-19.
With the goal of promoting the health and prosperity of the foodservice industry, Restaurants Care is offering grants to restaurant workers who have tested positive for coronavirus, if they are a caregiver for an immediate family member who has contracted the disease, or if they have been out of work for 3+ weeks with no unemployment benefits.
An advocacy organization promoting the rights of domestic workers in the U.S, the National Domestic Workers Alliance has created a Coronavirus Care Fund to provide emergency assistance for domestic workers, so they can stay home and healthy. Every qualifying applicant can receive up to $400 in emergency assistance from the fund.
The United States Bartenders Guild (USBG) is a professional and philanthropic organization for bartenders across the country. To help those in need, they are offering loans to bartenders who are out of work due to COVID-19.
A social impact technology startup, Savi works to solve the student debt crisis by helping student loan borrowers better understand their debt. Currently, they are providing assistance to borrowers who lost their jobs with a Free COVID-19 Student Loan Aid Tool, which helps determine if you’re eligible to lower or eliminate your student loan payments at this time.
With offices in Washington, D.C. and New York City, Americans for the Arts is a national nonprofit organization that focuses on advancing the arts in the United States. In response to coronavirus, they have created a full list of coronavirus resources that are offering funds and grants for artists, performers, and musicians who have experienced disruptions in their employment.
During this time of uncertainty, it’s important to stay positive and remain proactive. With the right financial resources, your residents can get the support they need to make it through. Keep your resident communications informative and helpful, so they know you are doing everything you can to ease the situation. We will continue to refresh this blog post in the coming weeks with more financial resources as they become available.
It is now clear that the coronavirus pandemic will exact a staggering toll on the American economy. Treasury Secretary Steven Mnuchin has reportedly warned Congress that unemployment rates – currently near their historical lows – could skyrocket to 20% absent massive federal intervention. Former White House Council of Economic Advisors chair Kevin Hassett believes a global recession is nearly certain to unfold, and expects monthly job losses for March to be among the worst in U.S. history. By any measure, an economy that not long ago had driven Americans’ confidence in the labor market and optimism about their financial security to record highs is about to undergo a massive and potentially catastrophic disruption.