Sponsoring Agency: Business Oregon
Type of Fund: Grant
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/06/2021
Size of the Fund: USD $50,000 to $500,000
The Oregon Legislative Emergency Board allocated $100 million to fund a new Commercial Rent Relief Program to provide financial assistance to small businesses and landlords adversely affected by economic conditions as a direct result of the COVID-19 pandemic.
The program targets landlords with tenant businesses with 100 or fewer employees who are behind on lease payments or any forgiven base rent amounts that have been negotiated due to COVID-19. The program will require both business tenant and property owner participation. The program includes additional protections for tenants, such as non-eviction clauses, and a waiver of penalties and interest.
The purpose of the Commercial Rent Relief Program (program) is to provide rent relief funding to property owners for their commercial tenants who have experienced financial hardship as a result of the COVID-19 pandemic in Oregon. The program will:
• Target tenant businesses with 100 or less Employees who are in lease payment arrears due to COVID-19.
• Require property owner participation and includes additional protections for tenants, such as non-eviction clauses, and a waiver of penalties and interest.
• Award grants through a random lottery process.
Grant Information
The grant can be up to $100,000 per each business tenant, and not more that $3 million for each landlord. The grant amount covers only base rent that is in arrears due to COVID-19 impacts or restrictions.
Who Can Apply?
• Landlords are the ones who initially apply, but will need to have the tenant provide business information to determine application eligibility, and both landlord and tenant will ultimately provide information and sign a grant agreement. The applicable small business tenant must:
o be in arrears for delinquent Lease payments between March 1, 2020, and February 28, 2021, and the Tenant and Landlord agree to the amount of arrears,
o be a for-profit business
o lease property in the state of Oregon
o be headquartered in the state of Oregon
o employ 100 or less employees per lease as of February 28, 2021
o be actively registered to do business in the state of Oregon with the Secretary of State
o be compliant with all federal, state, and local laws
o not be a publicly traded company
o be open for business or intends to reopen for business when restrictions are lifted (if applicable) at the leased location.
• Landlords must not be past due on federal, state, or local taxes as of December 31, 2019, nor be a publicly-traded company. For round two, landlords may be a publicly-traded company. Landlords with multiple properties and/or tenants may make multiple applications, one for each tenant business.
More information at: https://www.oregon4biz.com/Coronavirus-Information/CRR/
