Applications for Oregon’s Commercial Rent Relief Program Start March 8
Oregon’s new Commercial Rent Relief program provides $100 million in financial assistance for small businesses and commercial landlords negatively impacted by economic conditions due to the COVID-19 pandemic.
The Oregon Legislative Emergency Board established the new program, which targets landlords with tenant businesses who have 100 or fewer employees and are behind on lease payments or any forgiven base rent amounts that have been negotiated due to the pandemic. Additional protections for tenants are included in the program.
Landlords can initially apply for the grant, but tenants will need to provide business information to determine application eligibility. For approved applications, the grant can be up to $100,000 per business tenant (not to exceed $3 million for each landlord) and covers only base rent that is in arrears as a result of the impact of or restrictions caused by COVID.
Applications for the program will open on Monday, March 8, and will be open for two weeks.
To find out more about eligibility requirements, or to apply, click here.