On Friday, March 27, 2020, Congress and the President passed the stimulus bill with a great number of programs through the Small Business Administration. We at Jim Lake Companies along with a great number of our Tenants are currently submitting applications through the SBA and individual bank lenders that provide a combination of Grants, Loans for Payroll, overhead and rent, some of which can become forgivable with no tax consequence.
2 programs that are new and are readily accessible now:
Paycheck Protection Program – See the attached summary from the Texas Bankers Association. This program can be accessed through your bank and the SBA will be taking applications beginning this Friday, April 3, 2020.
Emergency Economic Injury Grants which are part of the larger Economic Injury Disaster Loans. Grants up to $10,000 can be obtained now within days and must be applied for online through the SBA.
See attached links below:
Economic Injury Disaster Loan Application
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Our company went through something similar to this from 1986 to 1990 and we understand this will take some time to recover from; therefore, we will be re-evaluating the economic conditions as it relates to our real estate and our tenants on an ongoing basis and most of all we will adjust over the coming months to guard against the spread of the virus.
Please do not hesitate to contact your Property Manager at 214.741.5018 if you need further assistance.
Jim Lake Jr.
For more information on the Paycheck Protection Program, click here.
1350 MANUFACTURING ST • SUITE 101 • DALLAS, TEXAS 75207
214.741.5018 phone • 214.741.5020 fax