COVID-19 Resources & Assistance
Message From Our COO
Posted January 22, 2021
Dear Valued Retailers,
We’ve all heard the words “essential” or “non-essential” in terms of business types and roles and responsibilities within them. At WHLR, there is no such distinction, every business is essential, especially to the owners and staff that depend on them to support their families and local communities.
The past year has shown the resilience of retail, but also the determination of the individual spirit. We’ve seen new businesses join the portfolio, restaurants expanding and communities rallying behind the businesses that serve them.
Throughout the last challenging year, we at WHLR have remained focused on finding ways to support our retail partners. With the passing and execution of the expanded PPP and EIDL programs, we wanted to share a few resources to aid in learning more about these programs and determining if they are right for your business.
Please visit the links within our COVID-19 Resources and Assistance page on our website to learn more. Check back often as we’ll update information and links to the US. Treasury Department, U.S. Chamber of Commerce, and the U.S. Small Business Administration when additional information is published.
M. Andrew Franklin
Chief Operations Officer
Wheeler Real Estate Investment Trust, Inc. (“Wheeler”) is not responsible for the accuracy of the content provided for herein or the contents of any linked site or any link contained in this resource material. The content provided for herein and any hypertext links provided herein are meant only as a convenience and the inclusion of any information, content, or link does not imply endorsement of the referenced site. Additionally, these resources, content, and information are provided simply as recommendations from government entities and other third parties, Wheeler makes no warranty, express or implied, as to the validity or results obtained from the use of the information provided herein. Wheeler shall have no liability for the accuracy of the information and cannot be held liable for any third-party claims for losses or other damages. Wheeler does not provide legal advice to tenant, and tenants should consult their own legal counsel. This is the most accurate information as of January 22, 2021.
SMALL BUSINESS RESOURCES
Please find this letter and the following COVID-19 resources at:
WHLR Resource Package for Tenants
Please monitor the availability of funding for programs and continue to seek funding opportunities in your area. WHLR will update information for resources when details are available.
FOR INFORMATIONAL PURPOSES ONLY
CORONAVIRUS RELIEF FOR SMALL BUSINESSES
Economic Aid Act:
On December 27, 2020, President Trump signed into law a relief bill called the Economic Aid Act (aka Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act) that is intended to help several groups like small businesses impacted by the Coronavirus pandemic. A second round of the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) funding, and Employee Retention Tax Credits is included among other features. https://home.treasury.gov/policy-issues/cares
PAYCHECK PROTECTION PROGRAM SUMMARY
- $284 Billion allocated to PPP Loans – The SBA reopened the program with lenders on January 11th
- PPP Loans are for new and previous applicants and some businesses are entitled to a 2nddraw on PPP funds
- Eligibility for PPP loans (there may be other requirements to be met):
- need to have a greater than 25% decline in gross revenues in any quarter in 2020 versus same quarter in 2019
- less than 300 employees
- not be a publicly traded company
- PPP Loans can be up to $2 million
- Loans of $150,000 or less have a simplified one-page PPP forgiveness application
- PPP Loan $ amount = 2.5X average monthly payroll for the one-year period before the date of the loan or calendar year 2019
- Food Service and accommodation are eligible for 3.5X average monthly payroll as described above
- Clarifies tax treatment of PPP Loans:
- Loan forgiveness amount is not taxable
- Expenses that PPP funds are used for are deductible
- Clarifies that EIDL grants do not reduce the PPP Loan forgiveness amount
- Eligible PPP expenses include payroll, rent, mortgage expense, utilities, PPE and expenses to fix property damage “due to public disturbances.” Borrowers have up to 24 weeks to spend the PPP funds
- To receive PPP loan forgiveness, payroll must comprise at least 60% of the eligible expenses and there may be other requirements to be met
Economic Injury Disaster Loan (“EIDL”) Grants Summary
- $40 billion is allocated this time (double the amount in spring 2020). The SBA will reach certain prior EIDL applicants in the coming weeks
- EIDL grant is $10,000
- If you previously received an EIDL grant less than $10,000, you can reapply for the differential amount
- If you received a full $10,000 EIDL grant previously in 2020, you are not eligible to apply a second time
- To receive EIDL, the business must:
- have been in operation prior to January 31, 2020
- have less than 300 workers
- be located in a low-income community (median family income cannot be more than 80% of statewide (or metropolitan area) median family income), and
- have suffered a 30% decline in gross receipts during any 8-week period between March 2, 2020 to Dec 31, 2021 compared to comparable period in 2019
- EIDL grants are not taxable and will not be deducted from PPP for loan forgiveness purposes
Employee Retention Tax Credit Summary
- Retroactive to March 13, 2020 – can qualify for it even if a PPP loan was received, but can’t be the same wage expenses that were part of the PPP loan
- For companies with less than 500 employees
- For 2020
- requires full or partial government mandated shutdown of business or substantial (> 50%) decline in gross receipts in any calendar quarter in 2020 vs. same quarter in 2019
- up to $5,000 credit per employee for all qualified wages paid for the year (50% of up to $10,000 of qualified wages)
- Beginning January 1, 2021 thru June 30, 2021
- requires full or partial government mandated shutdown of business or substantial (> 20%) decline in gross receipts in the each of the first two calendar quarters of 2021 vs. prior quarters
- up to $7,000 credit per employee per quarter (70% of up to $10,000 of qualified wages)
RESOURCES TO CHECK OUT:
Below we have included resources that summarize the new Economic Aid Act programs. To be matched with an SBA-approved lender, follow the first link below.
Additional resources may exist for businesses affected by the Coronavirus. Check with your local officials, state government or Chamber of Commerce on the possibility of additional programs.
U.S. Small Business Administration: Coronavirus Relief Options: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
U.S. Chamber of Commerce: Guide to Small Business COVID-19 Emergency Loans:https://www.uschamber.com/report/guide-small-business-covid-19-emergency-loans
CO- by U.S. Chamber of Commerce: How Coronavirus-Impacted Businesses Can Use the Employee Retention Tax Credit: https://www.uschamber.com/co/start/strategy/coronavirus-employee-retention-tax-credit-guide
JD Supra Article by Nelson Mullins: Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act Provides Additional Funding to Small Businesses Under the Paycheck Protection Program: https://www.jdsupra.com/legalnews/economic-aid-to-hard-hit-small-46121/
NFIB: EIDL Advance Grant Reopening Soon: https://www.nfib.com/content/analysis/coronavirus/eidl-advance-grant-reopening-soon/
Wheeler Real Estate Investment Trust, Inc. (“Wheeler”) is not responsible for the accuracy of the content provided for herein or the contents of any linked site or any link contained in this resource material. The content provided for herein and any hypertext links provided herein are meant only as a convenience and the inclusion of any information, content, or link does not imply endorsement of the referenced site. Additionally, these resources, content, and information are provided simply as recommendations from government entities, Wheeler makes no warranty, express or implied, as to the validity or results obtained from the use of the information provided herein. Wheeler shall have no liability for the accuracy of the information and cannot be held liable for any third-party claims for losses or other damages. Wheeler does not provide legal advice to tenants, and tenants should consult their own legal counsel. This is the most current information as of January 22, 2021.
Below are links to information available through government channels.
From the Center for Disease Control and Prevention (CDC)
How to Protect Yourself. What You Need to Know:
Topics That May be Useful
- Government Response to Coronavirus, COVID-19
- Department of Labor Workplace Safety
- Managing the Personal Financial Impact of Coronavirus
- Coronavirus Tax Relief
Small Business Assistance from the Small Business Administration (SBA)
How Your State is Responding to COVID-19
- Visit your state health department for information
U.S. Food and Drug (FDA) Food Safety (for home, restaurants & food service)
Message From Our COO
Posted April 2, 2020
Dear Valued Tenants,
As we reach the end of March, the world is dealing with an unprecedented event. In order to mitigate the spread of COVID-19, also known as the Coronavirus, Federal, State and Local governments have implemented a range of restrictions, guidelines and programs to aid all of us in fighting the spread of the virus and working through the impacts those actions have had on the economy. Priorities continue to shift from immediate protection of one’s self, family and business to what the future may hold as we endure and ultimately emerge from this new way of life.
Retail has a history of resilience, particularly necessity-based retail, and I am confident that retail will continue to overcome the challenges of the global economy.
At WHLR, we appreciate all that you do and are here to help provide resources to your business. Our team is standing by to discuss all options available under your lease to assist you.
There are numerous resources and information available, and we wanted to share a few resources that you might find helpful and in a convenient location. Please visit our Small Business Resources section to find a flyer with multiple business resources and guide from the U.S. Chamber of Commerce.
Our future is being reshaped by the present. Working together will ultimately lead to better partnerships in the future and we look forward in continuing our long-term partnership with you.
M. Andrew Franklin
Chief Operations Officer
March 16, 2020
At WHLR, we are closely monitoring COVID-19 (Coronavirus) and the evolving recommendations of Federal, State and local governments to limit potential spread within our communities. The health and well-being of our associates and community are of utmost importance.
After careful consideration for the safety of our WHLR family, we are now encouraging our associates work remotely from home beginning Monday, March 16. Over the past two years, the company has made investments in technology and business infrastructure allowing associates to operate in a business as usual environment while remote. During this period, it is important to understand that WHLR is open for business and available for our tenants, vendors, shareholders and other important stakeholders.
To our tenants, our vendors, and the communities our centers serve, the WHLR team is here to address your needs. Should you have any questions, in addition to your regular contacts within the company, please feel free to contact us through our Tenant Portal located on our website at www.whlr.us and through the numerous contact links within the website.
As new developments emerge, we will share information with you as to how we will continue to operate safely and effectively.
Toll Free: (866) 203-4864