Downtown Salem. (Caleb Wolf/Special to Salem Reporter)
Small businesses and commercial landlords impacted by the pandemic can apply next week to a program to cover outstanding lease payments.
The $100 million program will be administered by Business Oregon, the state’s economic development agency. The program will open for applications on Monday, March 8.
According to a press release, both the tenant and the property owner will need to participate in the application process and sign the grant agreement. The initial application needs to be completed by the landlord.
The program will offer grants up to $100,000 per lease but landlords can’t receive more than $3 million. According to the press release, rhe landlord must agree not to evict the tenant for more than six months and can’t collect penalties or interest between March 1, 2020 and Feb. 28, 2021.
The application period will be open for two weeks. Applications will be selected by a lottery system to ensure the money is distributed across the state. The money will be made available in two rounds, with $50 million available in the first. More information can be found on Business Oregon’s website.