Payroll Protection Program Grants
Yesterday the Treasury Department released comprehensive guidelines on this loan program. It is for small businesses who retain (or quickly rehire) their employees. The loans are payment deferred for 6 months, federally guaranteed, and provided that 75% of the funds are used for payroll, rent, or mortgage the loan is ultimately forgiven. Applications open April 3, 2020. This program is administered through private lenders – so get in touch with your bank. Fact sheet here.
Today the SBA published the application form.
Small Business Debt Relief Program
Economic Injury Grants
Refundable Payroll Tax Credit
The D.C. Superior Court is closed and no evictions, residential or commercial, can be carried out. However, for commercial tenants, this does not mean you are out of the woods. It is possible that if you don’t pay your rent, you could be in default of your lease.(depending on the language of the Lease). That means, when the Court re-opens, you could be unprotected from eviction. The present state of the law is that there is NO rent protection, there is only temporary eviction protection. The terms of commercial leases vary widely and you should consult your lawyer to understand your rights.
This post is intended as a guide to the COVID-19 assistance for hospitality businesses. I will update it periodically. However, in making decisions about the best course of action for your business, you should consult with your lawyer. If you do not have a lawyer, I am offering free assistance to nightlife establishments. Simply make an appointment for a conference call. You can also download our COVID-19 Resources Guide for your reference by clicking the button below.