Small Business Advocates Urge Congress to Support Struggling Small Businesses and Prevent Foreclosures
CHICAGO, Il (press release) – The Small Business Advocacy Council is urging Congressional leaders to file and pass legislation that will support struggling small businesses and prevent commercial foreclosures. The small business community needs swift action from Congress to prevent foreclosures and more small businesses from failing.
The SBAC team has drafted legislation that will help small businesses and property owners through this pandemic. The proposed bill will establish a standardized way for eligible small businesses to defer 75 percent of their base rent for a period of up to six months. The legislation will also create a new program that will provide a loan to eligible small business commercial property owners who have suffered, or anticipate suffering, a loss of revenue from unpaid rents during the 2020 calendar year in order to pay their mortgage and certain other permanent expenses. The loan will be forgivable to the extent a property owner does not receive lost rent.
“The pandemic continues devastating the small business community. Small businesses are struggling to pay rent, retain their employees and simply make it through the pandemic,” explains SBAC President and Co-Founder Elliot Richardson. “Allowing small businesses to defer rent payments, while providing property owners relief, will give many small businesses a fighting chance during the pandemic,” added Richardson.
SBAC member and attorney, Tony Zeoli explains, “As an attorney that works with both commercial property owners and tenants, I have seen first-hand the economic impact the pandemic has had on both sides. Proposed legislation offers a balanced approach: one that both provides relief to the tenant and a liquidity option for affected property owners.”
Steve Horvath, SBAC member and commercial property owner advocate, states, “Commercial property owners with mortgages are being severely impacted by the pandemic, and this issue is simply not being addressed. Unless this is addressed, we will be facing a national commercial real estate crisis.”
It is imperative that Congress move swiftly to pass legislation to help struggling small businesses make it through the pandemic while ensuring that commercial foreclosures to do not further damage our economy.
The Small Business Advocacy Council, www.sbacil.org, is laser-focused on advocating for the small business community and is fighting to help small businesses during these unprecedented times.