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Dear valued tenants,
First, Capano Management would like to extend our sincerest hopes and wishes that you, your families and employees are staying safe and healthy during these unprecedented times. We understand this is a difficult and trying time for our tenants and we would like to take this opportunity to highlight the federal government program available to ease the financial burden brought on by the COVID-19 pandemic, specifically the recently approved Coronavirus Aid, Relief and Economic Security Act, known as the “CARES Act”. Administrated by the U.S. Small Business Administration (SBA), the CARES Act will be allocating $349 billion dollars in non-recourse, forgivable loans to aid small businesses to assist with payroll, rent payments, and certain operating expenses.
During this crisis, Capano Management is committed to meeting its own institutional debt and vendor obligations in order to maintain our retail and business centers to the highest standards, consistent with your lease agreements. This, of course, is highly dependent upon the full and timely receipt of tenant rents. The above-mentioned government assistance will be of tremendous benefit to Capano Management and our tenants in meeting our respective debt and lease obligations through this current challenge.
In the spirit of maintaining the functionality and health of our retail and business centers, we strongly encourage YOU to take advantage of the government programs offered through the CARES Act to help sustain your business, given that your contractual obligations, including your lease payment schedule, have not changed. Our expectation is that by fully utilizing these programs, our tenants, our centers and our contractual and debt obligations will be financially supported during these challenging weeks ahead, and we will all be prepared to resume normal operations upon the re-opening of business in Delaware.
For your convenience, we have attached thorough, easy-to-understand breakdowns of the Act that include qualification requirements, application guidance, a timeline for receiving your government-issued funds, and sample application form. Current guidance on the application process advises you will initiate your application through an approved SBA lender, possibly via a portal provided on the SBA website. This guidance is evolving daily, and subject to change. Please refer to the SBA website (https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp) and/or contact your participating SBA lender of choice directly for the most current information about the program and related application process. Please let us know if there is any required documentation you may need in applying for these funds through a local lender(s) as per the Act.
These are difficult and uncertain times for everyone, however, we believe the crisis will come to pass. We encourage our employees, our business partners, and our tenants to draw strength from the robust economic environment in which our collective businesses thrived, prior to COVID-19, and take solace that with the same persistence and hard work during this crisis, we will all emerge stronger.
Small Business Interruption Loans Under The Coronavirus Aid, Relief, and Economic Security Act – Questions & Answers
Coronavirus Emergency Loans – Small Business Guide and Checklist
Paycheck Protection Program Application Form