If Covid-19 has taken a toll on your small business, you are not alone. With prolonged closures due to shutdowns and loss of revenue, one of the biggest stressors on small business owners around the country is paying rent on their commercial leases.
Small businesses and non-profits in Nevada are able to apply for Nevada’s Commercial Rental Assistance Grant Program (CRAG), now through August 31st. The Governor’s Office of Economic Development anticipates that approximately 2,000 – 3,000 local small businesses will receive up to $10,000 in funds, which are not required to be paid back. If selected, payments will be made directly to a landlord or leasing company to cover payments due and the landlord must agree to hold off on any eviction proceedings for 90 days after funds are received.
To qualify for assistance, an applicant must meet the following criteria:
• Be a for-profit business or a non-profit organization in the state of Nevada.
• Hold all required active State and local business licenses.
• Have 50 or fewer Full Time Employees.
• Have been in operation for 6 months or longer prior to March 1, 2020.
• Demonstrate at least a 30% loss of gross monthly revenue after March 1, 2020 as a direct result of Covid-19.
• Have a physical commercial property, as well as an active lease on commercial property in the state of Nevada.
• Must not have previously received more than $5,000 in cumulative COVID-19 grant funds.
• Must not have any outstanding tax liens.
If you would like more information or need assistance with your application, the attorneys at Kalicki Collier are here to help you.