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On July 21, ICSC, as part of a coalition of commercial real estate (CRE) associations with members impacted by COVID-19, submitted a joint letter to the Senate Banking Committee urgently asking for changes to the Main Street Lending Program (MSLP) to assist commercial real estate owners and tenants. The committee is examining the effectiveness of the program in light of its late start and lukewarm response from lenders and borrowers.
The letter suggests ways the program could be revised to assist commercial real estate businesses that are struggling financially due to the mandated closures and other COVID-19 public safety measures. The coalition called on Congress to take action in the following ways:
ICSC was joined in the letter by American Hotel and Lodging Association, Asian American Hotel Owners Association, Commercial Real Estate Finance Council, Latino Hotel Association, Mortgage Bankers Association, NAIOP, the Commercial Real Estate Development Association, National Association of Black Hotel Owners, Operators & Developers and The Real Estate Roundtable.