SBA Loan Program Intended to Help Businesses Cover Rent Costs During COVID-19 Crisis Begins April 3

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Beginning April 3, small businesses (fewer than 500 employees) are eligible for forgivable SBA loans under a provision in the CARES Act passed by Congress and signed into law to address the growing COVID-19 crisis. Primarily intended for businesses to retain employees during the crisis, certain provisions in the program would allow for borrowers to use some of the funds to cover monthly expenses like mortgage interest, rent, and utilities to help stay afloat. NAIOP has compiled a list of resources to help small businesses and other stakeholders navigate the program. 

Loans will provided on a first-come, first-serve basis and up to 25% of the loan can be used for expenses like rent. Please share widely among tenants.

Borrowers participating in the Paycheck Protection Program will have their loan forgiven as long as the funds are used to cover payroll costs, as well as most mortgage interest, rent, and utility costs during the 8 week period after the loan is made. Any mortgage obligation, rent agreement, or utility service must have been active before February 15, 2020 to be covered by the loan. Additionally, employee and compensation levels must be maintained to qualify for forgiveness. 

NAIOP will continue to provide resources on this topic as more information is made available. See below for resources regarding the Paycheck Protection Program. 


Loan Application
Paycheck Protection Program Overview
Information for Borrowers
Information for Lenders




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