|April 9, 2020|
Dear Oxford Tenants:
The COVID-19 pandemic has pushed Ann Arbor businesses into unknown territory. We recognize that this is a scary time, for both your family and your business, as we confront these potential health and economic hardships. While Oxford is also navigating these uncharted waters, we want to assist our tenants in any way possible.
As many of you know, the Coronavirus Aid, Relief & Economic Security (CARES) Act was signed into effect on March 27, 2020. One of the CARES Act programs – the Paycheck Protection Program (PPP) – is a resource that may be applicable to many of your business needs. We are currently researching this and other programs for Oxford and are in on-going conversation with our lenders and attorneys. As we continue to learn about this program, we are happy to share the knowledge we have gained as you are completing your application.
A few tips are below:
- If you have a banking relationship, reach out to your banker to determine if they are a participating lender, they may be able to assist you. If not, use this Provider Search provided by the Small Business Association. There are multiple approved banks in and around Ann Arbor.
- We recognize the PPP application process can be daunting. We’ve found the following resources that may be helpful in guiding you through this process or provide you with a person to speak with to help you through the process:
- Begin gathering the information that may need to be submitted with your application. The U.S. Small Business Association (SBA) website currently provides this Application Form but it’s important to note that this has been updated multiple times and could be subject to another change.
If you don’t qualify for the PPP, there are other programs available to you as well. A few links and resources are included here and can also be found, along with other information, on our Oxford Website page dedicated to COVID Resources which we update regularly as new programs are released:
- SBA Express Bridge Loans
Providing those who currently have a business relationship with SBA Express to quickly access up to $25,000.
In addition to the above, there are several websites that we believe may be pertinent to you, providing COVID-19 assistance and resources to businesses with questions and needs throughout this time:
We recognize that we have tenants that are struggling and may be unable to make their rent payments timely. We ask you to notify us as soon as possible if you believe it is absolutely necessary to investigate alternative payment arrangements and/or how we may be able to provide support or assistance to you with the programs outlined above. Joe Mifsud, Director of Property Management, has taken the lead as our primary tenant contact for these issues and can be reached at 734.548.6949 or via email at firstname.lastname@example.org. He or another representative will get back with you promptly to discuss your situation.
The Ann Arbor community is strong, and we will get through this.