Business Oregon has a new program to provide financial assistance to small businesses (100 or fewer employees) and commercial landlords impacted by the economic hardships caused by the COVID-19 pandemic.
The program provides grants to building owners to cover outstanding lease payments from small business tenants that are behind on rent due to COVID-19. The grants can go up to $100,000 per each business tenant lease, but not more than $3 million for each landlord. The landlord must agree not to evict the tenant for six months and waive any rights to collect outstanding penalties or interest, or enforce eviction clauses related to the delinquent lease payments between March 1, 2020 and February 28, 2021.
The program will open for applications on Monday, March 8 for two weeks. Both the business tenant and property owner will need to participate in the application process and sign the grant agreement, but the initial application needs to be completed by the landlord.
For more information, go to Business Oregon's webpage