COVID-19 RESOURCE PAGE FOR SMALL BUSINESSES

Acadia Realty Trust is committed to assisting our tenants in weathering this unprecedented time. To that end we’ve compiled the resources below to help assist our tenants as we move forward through the COVID-19 Crises.

CARES Act: The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump on Friday, March 27, 2020. The act provides small businesses access to federal relief aid through emergency grants and a forgivable loan program.

SMALL BUSINESS INFORMATION AND RESOURCES

PAYMENT PROTECTION PROGRAM (PPP) LOANS

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Under this program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

Click Here to learn more about Payment Protection Program Loans.

SMALL BUSINESS DEBT RELIEF PROGRAM

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.
Under this program:

  1. The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
  2. The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

Click Here to learn more about the Small Business Debt Relief Program.

ECONOMIC INJURY DISASTER LOANS AND LOAN ADVANCE

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Click Here to apply for a COVID-19 Economic Injury Disaster Loan.

SBA EXPRESS BRIDGE LOANS

The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

TERMS:

  1. Up to $25,000
  2. Fast turnaround
  3. Will be repaid in full or in part by proceeds from the EIDL loan

Find an Express Bridge Loan Lender by connecting with your local SBA District Office.

COUNSELING & TRAINING

If you, like many small business owners, need a business counselor to help guide you through this uncertain time, you can turn to your local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter. These resource partners, and the associations that represent them, will receive additional funds to expand their reach and better support small business owners with counseling and up-to-date information regarding COVID-19. There will soon be a joint platform that consolidates information and resources related to COVID-19 in order to provide consistent, timely information to small businesses. To find a local resource partner, visit https://www.sba.gov/local-assistance/find/.

We encourage all of our small business tenants to visit the Small Business Association (SBA) websitewhich includes a comprehensive Coronavirus resource page.

STATE PROGRAMS

Several states are beginning to offer guidance and assistance for businesses impacted by COVID-19. Link to your local and state government websites:

Click Here for a complete list of all states.

GOOGLE AD CREDITS

Google is offering $340M in Google Ad credits to small businesses who have been advertisers since the beginning of 2019.

FACEBOOK SMALL BUSINESS GRANTS PROGRAM

Facebook has launched a grant program for small businesses offering $100M in cash grants and ad credits.

RESTAURANT & BAR ASSISTANCE

The National Restaurant Association has launched a nationwide grassroots campaign urging Congress to take immediate action to support the restaurant industry. Take action at https://actnow.io/recovery or text “Recovery” to 52886.

Gift Card Sales - Register your gift card program at www.rallyforrestaurants.com and promote via social media using #rallyforrestaurants.

Yelp is offering $25M in relief to restaurants and bars. Click Here for details.

CONTACTLESS CURBSIDE PICKUP & DELIVERY

Restaurants are coming up with creating ways to provide access to food and beverage. You may consider curbside pickup or delivery, and perhaps shifting your menu to food that people need right now, including family-friendly, shared packaged meals, boxed cookies or kits, and if your state allows it, alcohol or alcohol kits. Delivery service can charge fees from 15-30%, but some may be offering discounts.

The information on this page has been provided solely as a courtesy to you and may include links to other third-party websites that may be of interest to you. Acadia Realty Trust and its affiliates, employees, officers and trustees (collectively, “Acadia”) do not make any representations or warranties with respect to the information on this page nor the information, content, materials, products or services on other third-party websites to which this page may provide a link, including, without limitation, any representation or warranty as to the accuracy thereof. The inclusion of information on this page, including, without limitation, any links to third-party websites, does not constitute nor imply any affiliation, association, control, endorsement, approval, sponsorship, investigation, confirmation or review by Acadia of any information, content, materials, products, or services contained on this page or contained in or accessible through any third-party websites linked on this page. Acadia expressly disclaims any responsibility or liability for, and shall not be liable for any loss or damage resulting from your access of, or your reliance on, the information on this page, including, without limitation, the accuracy of the information, content, materials, products or services available on any third-party websites linked on this page. If you decide to access a linked third-party website, you do so at your own risk. You should seek professional guidance from other sources with respect to all information contained on this page or accessed through the links to third-party website on this page, including, without limitation, advice from your accountants, lawyers, and lenders.