Macerich | 2021 COVID Relief Act & Other Resources

Key Resources

Small Business Association Exclusive Coronavirus Relief Presentation

Macerich and the Small Business Administration (SBA) joined forces to share important details on four SBA Coronavirus Relief Options: Paycheck Protection Plan (PPP), Economic Injury Disaster Loan (EIDL), SBA Express Bridge Loans, and the SBA Debt Relief. Click below to see the full presentation.

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2021 Funding for Paycheck Protection Program

Update (April 1, 2021): The Paycheck Protection Program (PPP) was initially created under the CARES Act of 2020 to help small businesses retain workers through an expansive loan program.

In December 2020, Congress approved $284 billion additional funding for the PPP. The legislation included changes that impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans. It also reduced the maximum loan amount from $10 million to $2 million.

In March 2021, the American Rescue Plan Act of 2021 was signed into law, adding more funding for the PPP and extending some provisions of the PPP program.

Business owners who have never applied for PPP funding or who are interested in applying for a second loan should consider getting in touch with a PPP lender as soon as possible to learn who’s eligible and how the funding works. The application period will remain open until May 31, 2021 or until the new funding runs out.

Who’s eligible for new PPP funding?

Businesses with fewer than 500 employees, as well as other categories.
Must have been operational on February 15, 2020.

Who's eligible for Second Draw PPP funding?

Businesses and nonprofits with fewer than 300 employees
Must have experienced a greater than 25% reduction in gross receipts during the first, second, third, or fourth quarter in 2020 relative to the same quarter in 2019

How it works

Government-backed loans are available up to $2 million per business
Some or all of these loans can be forgiven
For more information on eligibility and how to apply, contact your lender
Once open, the application period will run through March 31 or until the funding runs out

For more information on eligibility and how to apply, contact your lender.

NEW April 2021: Shuttered Venue Operators Grants

The Shuttered Venue Operators Grant (SVOG) program was established in December 2020 and amended by the American Rescue Plan Act of 2021. Administered by the SBA, the program will make over $16 billion in grants accessible to live venue operators including movie theater operators and other related businesses.

Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. Two billion dollars are reserved for eligible applications with up to 50 full-time employees. The SBA expects to open applications in early April 2021.

Who’s eligible?

Live venue operators or promoters
Live performing arts organization operators
Motion picture theater operators
More – follow link below for complete list
Must have been in operation as of February 29, 2020

How it works

Applications for businesses suffering the greatest economic loss will be processed first
Funds may be used for specific expenses – follow link below for details
Application period expected to open in early April

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NEW April 2021: Restaurant Revitalization Fund

The Restaurant Revitalization Fund was established as part of the American Rescue Plan Act of 2021 and will offer $28.6 billion in grants to restaurants and bars, with restaurants able to apply for grants based on lost revenue. Five billion dollars will be earmarked for businesses with 2019 gross receipts of less than $500,000.

This program is still being developed and, as of 4/1/21, has not opened for applications.

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Economic Injury Disaster Loans and Cash Grants of $10,000

Update (April 6, 2021): The Consolidated Appropriations Act extended the Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) program, with applications for low-interest loans now being accepted through December 31, 2021.

The American Rescue Plan Act also allocated additional funding for targeted EIDL advance payments, extended the loan deferment period and increased the maximum loan limit for loans approved after April 6. Please visit the SBA via the “Learn More” link below for details about these changes.

Who’s eligible?

Businesses with fewer than 500 employees.
Must have been operating since January 31, 2020.

How it works

EIDLs for up to six months of working capital are available
Collateral is required for loans over $25,000
EIDLs that are smaller than $200,000 can be approved without a personal guarantee

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Tax Breaks for Businesses

Update (April 1, 2021): The deadlines for individuals to file and pay most federal income taxes are extended to May 17, 2021.

The American Rescue Plan Act extends the employee retention tax credit (originally authorized under the CARES Act) for eligible employers that continue to pay employee wages during COVID-19-related closures or experience reduced revenue through December 31, 2021

Learn more about tax provisions in the American Rescue Plan of 2021 that may impact your business by visiting the link below.

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Other Resources

Get the Advice You Need

For all assistance programs, it’s important to understand the fine print. Be sure to check with a financial advisor or lender before applying to better understand the details and how individual programs could fit with your specific business needs.