COVID-19 Resources: Government

ValueRock is committed to work together with its valued tenants and partners to find solutions to the challenges we are currently collectively facing.  You will find here valuable resources, for reference and informational purposes only, from governmental and private sources that have been established to aid small and mid-sized businesses. Please visit this section regularly as we will continue to provide updates as more resources become available. 

We also have Japanese, Chinese, Vietnamese and Korean speaking CMTE members that are willing to assist you! 

Federal, State and Local governments have established programs and are in the process of developing additional resources that may provide individuals and small and mid-sized businesses assistance to minimize the unprecedented economic impact of the novel Coronavirus Disease 2019 (COVID-19).   

We recommend that you conduct your own research and diligence any such programs that may become available for their respective applicability to your situation or business.   

2nd Pandemic-Aid Bill Signed on December 27, 2020

On December 27, 2020, President Trump signed the $900 billion Pandemic-Aid Bill. The relief package comes exactly 9 months after the CARES Act bill was passed on March 27, 2020. This bill paved the way for millions of Americans and businesses to get economic relief as coronavirus surges across the country.

Second Draw PPP Loan (“Second PPP Round”) (Please note this information is subject to change)

Please note that guidance and regulations regarding this second round of PPP have not yet been issued as of 12/28/2020. Please contact your bank for more information as the guidance to administer the loan will most likely be similar to the guidance from the prior PPP.

1- Loan limit of $2M 

  • Calculation based on taking average monthly payroll for 2019 and multiplying by 2.5

  • Thus this is in essence providing up to 2.5 months of payroll expenses

  • Restaurants and food businesses get a larger multiple of up to 3.5 or 3.5 months of pay

 

2- Qualifications required for small businesses:

  • 300 or less employees

  • Businesses that have used or planned to use their original PPP funding

  • Here’s the new wrinkle:  Companies have to certify they have had a loss of revenue of 25% or greater.  

3- The Second PPP allows to use proceeds over 24 weeks for payroll, rent, and mortgage expenses 

4- The Second PPP is forgivable as long as 60% of the loan is spent on payroll costs 

  • The 1st and 2nd PPP loans will not be taxed upon forgiveness 

To learn more please refer to the SBA Website

Here is another useful source for restaurant operators: Eater.com

Coronavirus Aid, Relief and Economic Security Act ("CARES") 

On March 27, 2020 the Federal Government passed the comprehensive CARES Act that provides a number of opportunities that benefit companies and their employees.   We encourage you to review these programs as they may be applicable to your situation or business.   

US Small Business Administration Loans

The CARES Act has created a separate SBA Loan option for the small businesses affected by the Coronavirus.  This new CARES created loan supplements for the pre-existing SBA economic injury disaster loan (EIDL) loan program providing businesses the opportunity to apply to both, but will require you to select the one that is best suited for your business.    

  SBA Economic Injury Disaster Loan 

  • Application directly through the SBA Website

  • Up to $2 million in assistance for small business to help overcome the temporary loss of revenue they are experiencing.

  • Loans may be used to pay fixed debts, payroll, accounts payable, and other unmet liabilities due to the impact of Coronavirus.

  • Quoted interest rate of ~3.75% for small business without credit available elsewhere; businesses with credit available elsewhere are not eligible.

    • The interest rate for nonprofit organizations is 2.75%.

    • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years determined on a case by case basis.

SBA Paycheck Protection Program Loan under CARES Act

  • Application through either SBA online site or an SBA lending bank and/or financial institution, please contact your bank and/or financial institution to inquiry if they are a participating SBA institution.  ​​

  • This program has been extended through August 8th, 2020 if you have not had a chance to apply and/or if your business conditions may have changed where this program may suit your requirements. 

  • Borrow up to the lesser of (i)  $10 million or (ii) the businesses total monthly payroll costs averaged over a one-year period prior to the moan multiplied by 2.5 months in assistance to business's that were operational on February 15, 2020, and had employees for whom the business paid salaries and payroll taxes, or independent contractors, and is substantially impacted by public health restrictions related to COVID-19.

  • The loans may be used for Payroll, Group Health Care benefits and insurance premiums, salaries, commissions, payment of interest on mortgage obligations, rent / lease agreement payments, utilities, and interest on any other debt obligation incurred before the covered period. 

  • For the Restaurant and /or Hospitality industry there are expanded terms - please consult with SBA for more details.

To learn more please refer to the SBA Website where there are a number of additional resources including: 

State & Local Governmental Assistance

Many states and local governments are beginning to offer support to businesses and individuals impacted by the Coronavirus.  At the present time the aids are limited, but in the coming weeks, the expectation is that legislative bodies will review and pass programs resulting in additional assistance to help small business owners.

Please refer to your local and state government websites for programs that may pertain to your situation.  Below is a list of sites in the states where ValueRock conducts business: 

Specific municipalities have loan and support programs available. Please consult your local city / county government sites.  

General Information and Checklists regarding the Coronavirus (Covid-19) 

Here are resources that provide checklists and general health information that may be helpful to you and your business:

 

Here are the links to State Departments of Health within the states where ValueRock conducts business: 

18301 Von Karman Ave, Suite 850 

Irvine, CA 92612

e:  info@valuerockrealty.com

p: (949) 221-1180

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