Thursday, April 16, 2020
Dear ICSC Members,
Although Members of Congress are currently at home and not expected to return to Washington until early May, significant developments continue in the public policy arena. As you have likely heard, the $349 Billion Small Business Administration's Paycheck Protection Program (PPP) has expended its appropriated funding and is currently unable to accept new applications. Administration and Congressional leaders are actively engaged in discussions to expand PPP funding. ICSC, along with virtually every major business and industry group, has expressed the need for urgency in reaching an agreement to provide additional funding.
Also today, ICSC shared comments with the Federal Reserve on the recently announced $600 Billion Main Street Lending Program, which is available to companies with up to 10,000 employees or less than $2.5 billion in revenue. Among other things, ICSC requested a waiver of the dividend prohibition for REITs and enhancement in eligibility and available loan amounts. ICSC also requested that the Treasury and Federal Reserve implement a program to keep the $140 billion of CMBS debt related to the shopping center industry in good standing. We previously requested that the Federal Reserve's Term Asset‑Backed Securities Loan Facility (TALF) include a broader range of commercial real estate debt instruments.
This past week, ICSC also expanded our request of state governors to provide temporary forbearance on commercial mortgage obligations to include, among other things, temporary relief in the collection of property and Ad Valorem tax payments, as well as a waiver of penalties for delinquent payments.
ICSC continues to help lead a broad‑based coalition advocating for the inclusion of the COVID‑19 Business and Employee Continuity and Recovery Fund (the "Recovery Fund") in the next COVID‑19 Relief Package. The Recovery Fund would provide a streamlined and tailored federal fund to deliver rapid liquidity to small businesses and commercial sectors impaired by COVID-19.
We will continue to communicate with you on a timely basis. We hope that your families, friends and colleagues are staying healthy and safe, and we greatly appreciate your support during this time.
President & CEO