The COVID-19 pandemic continues to have a devastating impact on the small business community. Many small businesses are struggling to pay their rent and employees. Small commercial property owners cannot cover their mortgage payments when their small business tenants cannot pay rent. The small business community needs swift action from Congress to prevent foreclosures and more small businesses from failing.
The SBAC has drafted legislation that will help small businesses and property owners through this pandemic. The SBAC’s proposed bill will establish a standardized way for eligible small businesses to defer 75% of their base rent for a period of up to six months. The legislation will also create a new program that will provide a loan to eligible small business commercial property owners who have suffered, or anticipate suffering, a loss of revenue from unpaid rents during the 2020 calendar year in order to pay their mortgage and certain other permanent expenses. The loan will be forgivable to the extent a property owner does not receive any lost rent.
Click here to contact our leaders in Congress and urge them to support this legislation.