THIS COMMUNICATION IS PROVIDED BY RMC PROPERTY HOLDINGS FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL OR ACCOUNTING ADVICE. YOU SHOULD CONTACT YOUR LEGAL COUNSEL OR ACCOUNTANT FOR ADVICE OR ASSISTANCE.

Dear Tenant,

In these harsh times, we hope everyone is staying healthy. We want to insure that you are aware of two loan options that have been made available through the recently enacted Federal CARES Act.

1. Economic Injury Disaster Loans (“EIDL”)

The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage. This type of loan has always been around and available when an area is declared a “federal disaster”. These loans are becoming available to all now that many areas have been deemed disaster areas. An EIDL can help you meet necessary financial obligations that your business or private, non-profit organization could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. EIDLs do not replace lost sales or revenue. These loans are to “keep the doors open” and should only be used if all other borrowing efforts have been exhausted. Apply online for disaster loan assistance at your own convenience through SBA’s secure Disaster Loan Assistance website (https://covid19relief.sba.gov/#/)

2. Paycheck Protection Program Loans (“PPP”)

The Paycheck Protection Program (PPP) provides small businesses with funds to pay payroll costs, including benefits, and most mortgage interest, rent, and utility costs, over the 8 week period after the loan is made. It is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. In order to qualify, your business must have been in operation on February 15, 2020, have full and part time workers on or before February 15, 2020, and employ 500 employees or less. This bill specifically includes sole proprietors, independent contractors, nonprofits with 500 or fewer employees, and hospitality and food service companies with 500 or fewer employees per location. This loan will cover costs that include payroll, interest incurred on mortgages, rent, utilities, and interest on other debt in place before February 15, 2020. The costs specifically excluded are employee salary wages in excess of $100,000 annualized, principal payments on existing loans, prepayment of existing loans, compensation to individuals outside of the US, and mandatory sick pay or family leave for which a credit is already provided under the Families First Coronavirus Response Act. The maximum loan available is the lesser of $10 million or 2.5 times the average covered monthly payroll costs of the business for the one-year period before the date of the loan. As long as proceeds are used for covered purposes, the debt is nonrecourse to business owners. You should contact your regular bank and inquire if they are on the program and what they will require with application. The amount that is forgiven will be determined at a later date. For any amount not forgiven, the loan will be due in 2 years at 1% interest. Employers should calculate their expected loan amount and compare the benefits available under the Employee Retention Credit before finalizing a PPP loan. A link to sample application and instructions can be found at the SBA’s website (https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application_0.pdf)

311 North Market Street

Dallas, TX | Now Leasing

Located in Downtown Dallas’ celebrated West End district, 311 North Market Street is a historic building offering 9,504 square feet of retail space featuring Wild Bill’s Western Wear, 311 Kitchen and Cocktails, a craft kitchen restaurant and 20,834 square feet of office space on the 2nd and 3rd floors. The brick and timber office building features upgraded elevators, public and reserved parking, an onsite restaurant and modern industrial finishes. The development’s coveted address provides convenient access to the DART Light Rail and a thriving restaurant, retail and hospitality corridor within walking distance.

For Leasing Information

Please contact Clif Cone at 214.384.0778 or ccone@rmcrowe.com.