PROPERTY MANAGEMENT EMERGENCY CONTACT : (512) 221-3250
TENANT INFO & RESOURCES
UPDATE: Mississippi Economic Council - The Mississippi legislature agreed on 5/20/20 to create a grant program for small businesses imapcted by the coronavirus pandemic (click here to view bill outline). This program allocates $300 million of the federally allocated $1.25 billion from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to be split into two programs:
- $60 million to provide $2,000 grants to small businesses that were forced to close in response to the pandemic.
- $240 million will be appropriated for aid to small businesses. Companies that have not received aid from the federal Paycheck Protection
Program (PPP) will have first priority. Eligible businesses could receive grants ranging from $1,500 to $25,000.
Under the program, overseen by the Mississippi Development Authority, any business that existed prior to March 1 and has 50 or fewer employees is eligible to apply. The proposal has been sent to Governor Tate Reeves for approval. Keep an eye on the MEC Coronavirus Resource Page for information on how to apply.
With the progression of the COVID-19 pandemic, we want to assure you that while our offices are physically closed, all of us at StoneCrest maintain full accessibility and will be responsive to your inquiries, questions or any property management emergency. Should you have a property management emergency, or any issue of immediate concern, we have staff on call 24/7 that can be reached at (512) 221-3250.
StoneCrest is committed to the health and safety of our tenants, both physical and financial, and we are here to assist you where and how we can. Understand, we are making every effort to monitor, lobby and assess this situation in real time, so informed decisions and necessary guidance can be given.
As we navigate this situation together, we have dedicated this web page as a resource and will continue to update as new information becomes available.
We encourage you to utilize the resources below. Please contact your banker, as the federal relief programs outlined below will be made available through current qualified SBA lenders.
We are hopeful this will be over swiftly with minimal interruption to your business but please continue to communicate with our team during this time, and we will do the same.
SMALL BUSINESS RESOURCES
Federal and state governments, as well as other organizations have begun creating programs to aid small and mid-sized businesses and minimize the economic impact of the Coronavirus (COVID-19) pandemic. We encourage you to research these programs to determine which might be of assistance to your business.
The SBA can provide loans of up to $2M to be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. The interest rate is 3.75% for small businesses. Additionally, you can apply for an immediate $10,000 advance which will be available within three days of successful application and such advancement will not have to be repaid.
(Application details forthcoming)
The Paycheck Protection Program, administered through the SBA, providing up to $349 billion in loans to eligible businesses with less than 500 employees. Funds may be used for a variety of purposes including payroll, rent, mortgage interest, or utilities. The loans will not require collateral and can be subject to forgiveness. Starting April 3, 2020 small businesses can apply, and the program will be available through June 30, 2020. There is a funding cap, so time is of the essence.
Yelp is waiving advertising fees for many independent local restaurants and nightlife businesses. Additionally, the company is offering $100 in free search advertising for restaurant clients offering delivery/takeout.
The International Council of Shopping Centers (ICSC) provides updates, and a summary of legislative action to support relief for small business owners and various additional resources.
As epidemics/pandemics can change quickly and unpredictably, it's important to stay updated. For the most up-to-date information regarding COVID-19, it's spread in the U.S., and recommended practices to protect against infection, we encourage you to visit the Centers for Disease Control (CDC) and World Health Organization (WHO) websites.