In the wake of the Coronavirus outbreak, it is Westwood’s goal to provide information and resources to our tenants to help minimize the impact of the virus. We remain fully operational and committed to work with our tenants through this difficult time. We will continue to regularly update this page with new information.
QUESTIONS ABOUT YOUR STORE OR CENTER?
If you have any questions or concerns about your store or shopping center, please contact your Property Manager directly.
WESTWOOD FINANCIAL ASSISTANCE TASK FORCE
We have set up a task force to help guide you and answer any questions you may have about the financial assistance programs being offered by the Federal Government. Please email us at the following address. Be sure to include your full name, contact information and the Westwood center where you lease space. Please note that all rent relief requests should be initiated directly with your Property Manager.
- Email us at: COVIDresources@westfin.com
TENANT CONNECT TRAINING PORTAL
This is a private Facebook group exclusively for Westwood tenants. We are actively posting ideas and resources daily to help cope with the crisis. We strongly encourage all our tenants to join.
ADDITIONAL TENANT RESOURCES
- Coping with the Crisis – Tips for Retailers
- Partnering with Food Delivery Services – A “How To” Guide
REOPENING YOUR BUSINESS AFTER COVID-19
- State-by-State Business Reopening Guidance
- Guide to Reopening Your Business
- Retail Industry Leaders Association and National Retail Federation’s Three-phased Plan to Reopen Businesses
- American Barber Association’s Guidelines for a Smart Restart for Barbershops and Salons
- 18 Safety Considerations for Your Health Club Reopening Plan by the International Health, Racquet, and Sportsclub Association
- Spa Reopening Toolkit by the International SPA Association
- National Restaurant Association Guide to Reopening
- American Dental Association Guidelines
- American Medial Association Guidelines
- OSHA – Guidance on Preparing Workplaces for COVID-19
- ICSC – COVID-19 Re-Opening Best Practices
COVID-19 INFORMATION LINKS
UPDATE: 6-19-20 Good news for those of you who have taken out a Paycheck Protection Program Loan! The Paycheck Protection Program Flexibility Act (H.R. 7010) was signed Into Law on June 5th, 2020. The covered period has been extended to December 31, 2020 and gives employers 24 weeks, rather than 8 weeks (or Dec 31 if earlier) to spend the PPP loan proceeds. However, no new PPP loans may be originated after June 30, 2020. • The percentage of loan proceeds that must be spent of payroll costs has been reduced from 75% to 60%. • Previously employers had to restore the number of employees and wage levels by June 30, 2020 to avoid a reduction in loan forgiveness amounts - this safe harbor deadline has been extended to December 31, 2020. • Employers who receive PPP Loan Forgiveness can continue to defer their Employer Social Security tax through December 31, 2020 (previously deferrals had to stop when the loan forgiveness was received).
The Paycheck Protection Program (PPP)
The CARES Act includes a provision called the Paycheck Protection Program (PPP) which provides small businesses and other entities with zero-fee loans of up to $10 million. The Program is intended to be used as a partial revenue replacement to allow deeply affected businesses to get through a period of severe disruption without making drastic changes.
The maximum amount of this loan is 250% of the average monthly payroll costs or up to $10 million with payments deferred for six months. Payroll costs include salaries, wages, retirement contributions, healthcare benefits and other qualifying expenses. Please see a detailed list of payroll expenses in the Emergency Loan Guide.
Borrowers are eligible for loan forgiveness equivalent to the sum spent on the aforementioned payroll costs in addition to rent, certain utilities costs and other covered expenses during the eight-week period after the loan was originated.
To apply, complete the application form below and submit it to any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
- PPP Application Form
- Required Documents for PPP Loan Application
- Emergency Loan Guide
- Paycheck Protection Program Summary
- Paycheck Protection Program FAQs
- Find an Eligible Lender
- 100 Most Active SBA Lenders
- Lender List from SmartAsset
Economic Injury Disaster Loan (EIDL) and Loan Advance
The SBA’s EIDL loan program provides small businesses with working capital loans of up to $2 million, including the opportunity to receive up to a $10,000 Advance Grant. The advance funds will be made available within three days of a successful application and will not have to be repaid.
State & Local Resources
- Small Business Loan Program & Disaster Relief Loan Program
- LA City Small Business Emergency Microloan Program
- Sacramento Small Business Economic Relief Loan Program
- LA CARES Corps – Connecting LA Businesses to SBA Loans
- City of Dallas Small Business Loan Information
- Texas Restaurant Relief Fund
- Greater Houston Business Recover Center