Application period to open for commercial rental assistance
The state treasurer’s office and the Nevada Governor’s Office of Economic Development announced that small businesses and nonprofits would be able to apply to the state’s commercial rental assistance program. It will begin as soon as Aug. 24.
The program, Nevada Commercial Rental Assistance Grant, is using $20 million in coronavirus relief funds to help these businesses and nonprofit organizations that have had revenue declines due to the pandemic. The program will also provide up to $10,000 in grants to eligible commercial tenants, which do not need to be paid back.
If tenants participate in the program, landlords must agree not to evict them within 90 days from receiving payment.
To be eligible for the program, applicants must meet the requirements of being a licensed for-profit business or nonprofit organization in Nevada, with Nevada as the principal place of business. Entities must have 50 or fewer full-time employees and have been in operation for at least six months prior to March 1, 2020.
Nonprofits and other businesses must be able to show at least 30% loss of gross monthly revenue after March 1, 2020. The revenue loss must be a direct result of the COVID-19 pandemic.
Entities must have a physical commercial location with a current, active lease on commercial property in Nevada. Entities must also not have previously received more than $5,000 from the Paycheck Protection Program or other COVID-19 rental assistance programs and not have any outstanding tax liens.
The program will be accepting applications on Monday, Aug. 24, 2020, at 8 a.m. PST. The application period will be open for one week and close on Monday, Aug. 31, 2020, at 5 p.m. PST.
Once the program application period has ended, applications will be prioritized to support business and nonprofits with the most significant revenue losses during the pandemic. It is anticipated that about 2,000 to 3,000, businesses will receive rental assistance through the program.
Businesses are encouraged to visit the Governor’s Office of Economic Development website, https://goed.nv.gov/commercial-rental-assistance-grant-crag-program/ to learn more and fill out the application.
