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For Our Retail Partners

CARES Act & Other Resources

As businesses of all kinds navigate the challenges presented by COVID-19, we have assembled informative resources that are available to help you during this difficult situation.

Significantly, the U.S. government is providing help for businesses through the Coronavirus Aid, Relief and Economic Security Act (CARES), plus new tax policies, and other programs. Other federal agencies, state resources, nonprofit organizations and private companies are also responding with financing help for businesses. We’ve compiled a list of resources below to help you find the best path for your business.

Key Resources

Paycheck Protection Program to Help Retain Employees

Update (April 24): The Paycheck Protection Program has added a second wave of funding, approximately $310 billion. Business owners should consider getting in touch with a PPP lender as soon as possible because these funds are expected to be depleted quickly.  

According to the US Chamber of Commerce’s guidance on the CARES Act, the Paycheck Protection Program (PPP) provided $350 billion to help small businesses retain workers through an expansive loan program. A portion of these can be forgiven if businesses use them for eight weeks of eligible operating expenses.

Who’s eligible for PPP?

  • Businesses with fewer than 500 employees, as well as other categories.
  • Must have been operational on February 15, 2020.
  • No personal guarantee or collateral is required.

How it works

  • Government-backed loans are available up to $10 million per business, with maximum interest rate of 4%.
  • Lenders are expected to defer fees, principal and interest for at least six months.
  • Some or all of these loans can be forgiven. Generally speaking, as long as you keep paying your employees their normal wage for eight weeks after the loan originates, you can receive those eight weeks of operating expenses back.

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


Main Street Lending Program

The Federal Reserve is incrementally rolling out details on its new Main Street Lending Program to help small and midsize businesses impacted by COVID-19. The program will direct $600 billion in new financing for businesses.   

Who’s eligible for Main Street Lending? 

  • Businesses with up to 15,000 employees or $5 billion in 2019 annual revenues.
  • Companies with significant operations in and the majority of its employees based in the United States.

How it works 

  • Loan terms: $500,000 million minimum, 4 years, principal and interest deferred for one year, interest equal to SOFR (Secured Overnight Finance Rate).
  • There are some conditions on loan uses and restrictions on compensation, stock repurchase, and capital distribution.
  • Companies receiving PPP loans can also apply for this program.


Retail Partners: CARES Act Webinar April 13, 2020

Macerich hosted an informational webinar to provide our retail partners with a better understanding of the CARES Act. The call, with comments by experts from PwC and USBank, provided valuable information about how to potentially access these loan programs, eligibility, and requested questions and answers.


Tenants may need to register before receiving access.

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

Update (May 4): The SBA closed the application portal for EIDL loans on April 15, and is now processing applications submitted before that date a first-come, first-served basis. Going forward, the most recent guidance is that the agency will accept new applications only for agricultural businesses.

The SBA’s Economic Injury Disaster Loan (EIDL) program was extended in March to apply to all small businesses impacted by COVID-19. The CARES Act goes further and makes it easier to apply for SBA loans and adds other benefits, too. As a borrower, you may also be able to get an emergency advance of up to $10,000 within days of applying for an EIDL.

Who’s eligible?

  • Businesses with fewer than 500 employees.
  • Must have been operating since January 31, 2020.
  • To be eligible for the $10,000 grant, you must have been adversely impacted by COVID-19.

How it works

  • EIDLs for working capital of up to $2 million can be approved by the SBA.
  • EIDLs that are smaller than $200,000 can be approved without a personal guarantee.
  • $10,000 cash grants are forgivable if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue losses.


Tax Breaks for Businesses

  • Through the CARES Act, businesses may be eligible for an employee retention tax credit.
  • Businesses can also delay their payroll tax payments.
  • The federal tax deadline for all businesses and individuals is now July 15.


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.