The Concord City Council has approved $1 million in funding to create a commercial rent relief program for local businesses. The Measure V Commercial Rent Relief Program will provide one-time grants of $10,000 to local small businesses that have experienced considerable financial challenges due to the COVID-19 pandemic. Funded by Measure V sales tax revenue, the program will provide a total of $1 million in commercial rent relief for up to 95 small businesses within the city. The City of Concord and Greater Concord Chamber of Commerce are working together to administer the program.
To apply to the program, small businesses must have at least $10,000 in commercial rent arrears accumulated due to the pandemic and meet the eligibility requirements listed below. Priority will be given to retail businesses, restaurants and personal service establishments, specifically hair salons and barber shops, nail salons, day spas and fitness studios. Grant recipients will receive a commercial rent relief grant of $10,000, paid directly to the landlord. The grant does not have to be paid back. However, both tenants and landlords are required to participate in the grant application. All businesses that meet the eligibility requirements are welcome to apply. Chamber members will not receive priority.
Applications open Monday, April 26 at 8 a.m. and close on Friday, May 14 at 5 p.m. Applicants will receive a status notification by email on Friday, May 21.
On Wednesday, April 21 at 2 p.m., the Greater Concord Chamber of Commerce will host a webinar to help small business owners and landlords better understand the program and complete their applications.
To be eligible for the program, businesses must have:
A physical location within Concord city limits;
An active Concord business license issued no later than June 30, 2020;
No more than 25 employees as of June 30, 2020;
At least $10,000 in commercial rent arrears from March 31, 2020 to March 31, 2021, consistent with the Concord Eviction Moratorium; and
A commercial lease showing the business as the master tenant.
To receive funding through the program, landlords must:
Apply grant funds to applicant’s rent arrears immediately upon request;
Declare intent to continue leasing tenant in current space through 2021;
Attest that reported rent arrears are deferred payments consistent with the Concord Eviction Moratorium;
Attest the applicant is a master leased tenant at the business address provided;
Provide the Concord business license number; and
Sign a Memorandum of Understanding (MOU) confirming all the above information at the time of application.
For more information on the program and to stay up to date on all the latest news and resources available, visit the Commercial Rent Relief Program page on the City of Concord’s website: https://concordfirst.com/.