In light of the COVID-19 outbreak, commercial real estate tenants have a lot to think about.
Waller's team has created a commercial tenant's checklist in order to provide tenants with a place to start and list of things to consider regarding their financial condition and recovery. To prepare, commercial tenants can:
- Determine eligibility and apply for a loan from SBA’s EconomicInjury Disaster Loan Program
- Determine eligibility and apply for a loan from SBA’s PaycheckProtection Program
- If the business is not a “small business” (e.g., it has more than 500 employees), a special loan program is to be created by U.S. Treasury Secretary to assist larger businesses.
- Consult with your tax and accounting advisers to ensure you are taking advantage of tax credits and relaxation of accounting rules under the CARES Act and Families First Coronavirus Response Act (FFCRA) available to small businesses.
- Take advantage of applicable temporary loan deferment programs under the CARES Act.
- Educate your employees about COVID-19 related programs that may benefit them personally.
- Consult with your insurance/risk management adviser to ensure that you have the most recent policy documents.
For more insights and additional information for each of these steps, view the full Commercial Tenant's Checklist here: http://www.wallerlaw.net/resources/aff29949649fb8958fa93e29595b569601c5e5f5.pdf.