coronavirus resources: Private
ValueRock is committed to work together with our valued tenants and partners to identify solutions to challenges we are collectively feeling at this time. We have created this site for our tenants and partners to identify available resources both governmental and private markets that are being established to aid small and mid-sized businesses for reference and informational purposes only. Please return regularly as we will continually update as more resources become available.
A number of companies have created programs that provide services or grants to small retail businesses. We recommend that you conduct your own research & diligence any such programs that may become available for their respective applicability to your situation or business.
Small Business Relief Program Tracker
Forbes has created a tracker collecting small business relief programs that are available and updated on a regular basis.
ICSC Cororonavirus Response
The International Council of Shopping Centers (ICSC) site provides information for the shopping center industry with U.S. state-by-state business closures and mandates, along with a summary of legislative action to support relief for small business owners and other resources.
Facebook Small Business Grants Program
Facebook has created a program offering up to $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. At present there is limited information on this program.
Restaurant Related Support Programs
At the present time a number of the leading delivery services have waived commissions on their delivery fees, but note that the terms and conditions vary for each of the vendors so you will need to conduct the appropriate diligence & research to evaluate if these programs meet your criterion.
For tenants in the Orange County and South Los Angeles County area the Orange County Restaurant Association has created an online website to promote takeout offers and other services that local restaurants are providing to the community.
Payment platform OneDine is offering their order, pay, pickup service for no charge for an indefinite period tied to the Coronavirus crisis. Again we urge you conduct your own diligence to determine if the program is suitable to your situation or business.
Business Interruption Insurance
Businesses should consult their Commercial Property Insurance Policy, which will include BI and Extra Expense (EE) Coverage, both of with are intended to address loss of revenue and associated expenses. Coverage, however, will be largely dependent upon the specific policy language in your form especially if it is a “Named Risk” versus “All Risk” policy. As any Coronavirus (COVID-19) related claim is currently unchartered territory, it is highly recommended to take early action with your Broker and submit claims notwithstanding the likelihood of them being initially denied by the Insurance Carrier. If you need additional assistance, please contact ICA Risk Management attn: Michael Santulli.
Recommended steps may include:
Reach out to your insurance provider to see if you have Business Interruption Coverage and/or Loss of Income Coverage and if you would qualify. Review your policies.
Track losses, even if there are issues or questions that may ultimately preclude coverage.
You will be required to show the drop in revenue or gross sales for the time period you are potentially unable to pay full rent.
If you incurred physical damages related to Coronavirus, please collect your receipts and explanations for repair and replacement.
If you incurred additional expenses due to Coronavirus in order to implement risk mitigation and prevent further impact, e.g., for additional security, additional cleaning, track these expenses.
Claims typically should be submitted as soon as losses have been realized and can be updated to provide additional information.