COVID-19 Resources for Tenants | New PPP Funding

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. If you have any questions or concerns about your store or shopping center, please contact your Property Manager directly.

Payroll Protection Program Update

The Small Business Administration is now accepting applications for the second round of the Paycheck Protection Loan Program. You can apply through any existing SBA 7(a) lender. Check with your local lender as to whether it is participating in the program. Click here for a list of the 100 most active SBA 7(a) lenders.

You can begin preparing by downloading one of the following applications. This will prepare you for the information that will be requested from you when you apply with a lender. More detailed information is now available on the SBA.gov website

If you have specific questions, please contact us at COVIDresources@westfin.com. Our Financial Assistance Task Force is ready to help! Be sure to include your full name, contact information and the center where you lease space.

Highlighted PPP Changes

Program applications are being accepted through March 31, 2021
Second-draw loans are available for businesses with under 300 employees
Businesses eligible for PPP loans has been expanded
Loan limitations have been expanded for certain businesses
Forgiveness for loans under $150K have a new, simplified one-page application
Group health insurance benefits are now included in payroll costs
Eligible expenses for forgiveness have been expanded
Borrowers may choose a covered period that is any period of time between eight and 24 weeks
Funding has been set-aside for community lenders (CDFIs and MDIs) and business that operate in low-income areas
Interest rates on PPP loans are non-compounding and non-adjustable
PPP loans are not taxable and forgiven expenses are tax-deductible

PPP Loan Eligibility
Businesses eligible for first- and second-draw PPP loans include sole proprietors; independent contractors; self-employed individuals; certain non-profits; seasonal employers; faith-based organizations and housing cooperatives. Specific guidelines for first- and second-draw loans are listed below.

First-draw loan eligibility
• Less than 500 full-time, part-time, or seasonal employees
• Business was in operation before 2/15/2020 and remains in operation

Second-draw loan eligibility
• Less than 300 full-time, part-time, or seasonal employees; if you have multiple locations, you may not have more than 300 employees per location
• Demonstrate a revenue reduction of at least 25% in the first, second, or third quarter of 2020 (when compared with the same quarter in 2019)
• Have used or will use the full amount of the first-draw PPP
• Business was in operation before 2/15/2020 and remains in operation

PPP Loan Limitations

The maximum amount for a first-draw PPP loan is the lessor of:
• 2.5 times the average monthly payroll and healthcare costs
• $10 million, whichever is less

The maximum amount for a second-draw PPP loan is the lessor of:
• 2.5 times the average monthly payroll and healthcare costs in the year prior to when the loan was received or within the calendar year
• 3.5 times the average monthly payroll and healthcare costs in the year prior to when the loan was received or within the calendar year for any NAICS Code 72 business which consist of and entertainment businesses like restaurants, hotels, and casinos
• $2 million

Westwood’s Resource Network is a private Facebook group exclusively for Westwood tenants. Exchange ideas and discover resources to help grow your business. New information is added weekly. Click here to join.