Small businesses are the lifeblood of the U.S. economy. They account for 44 percent of U.S. economic activity and 64 percent of new jobs created in the U.S. Many of you are small business owners like me. So, I wanted to share a few resources that might help your business – and many other businesses across the country – weather the current storm.
The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (PDF) allocates $350 billion for a new SBA small business forgivable loan program called the Paycheck Protection Program (PDF). Created to address the extraordinary challenges for small businesses during the COVID-19 crisis, Paycheck Protection Program loans are forgivable for businesses that maintain at least 75 percent of their payroll costs and maintain the same number of employees. The U.S. Chamber of Commerce has put together an insightful Small Business Guide and Checklist (PDF) on the program. Additional details, including a list of lenders, will be released soon.
The CARES Act also expands the existing SBA Economic Injury Disaster Loan (EIDL) Program. This Small Business Owner’s Guide to the CARES Act (PDF) provides detailed information on both EIDL and the Paycheck Protection Program.
CCIM Institute is also working with the National Association of REALTORS®, the Real Estate Roundtable, and the U.S. Chamber of Commerce to fight for other issues critical to our industry. The institute signed onto letters to the Treasury Department urging the extension of deadlines for both 1031 exchanges (PDF) and the Opportunity Zone Program(PDF). We also joined letters to congressional leaders advocating for both rental assistance and mortgage forbearance (PDF).
But we’re not just here to support the industry. We’re here to support you as a commercial real estate professional. Please see our COVID-19 resources and guidance for commercial real estate professionals. This includes updates on our advocacy efforts, commentary from CCIM Institute Chief Economist K.C. Conway, MAI, CRE, and guidance for rent relief requests and other commercial real estate landlord/tenant issues.
We’re committed to supporting you in times of uncertainty, and we’ll continue to provide the game-changing resources that grow your business and advance the industry.
Eddie D. Blanton, CCIM