CARES Act | Black Diamond Realty

Black Diamond Realty’s response to COVID-19, a note from our Principal

April 6, 2020 4:53 pm Comments Off

At Black Diamond Realty, our team has shifted to a work-from-home setup filled with screen sharing, remote server access and unique daily distractions, like children dodging in and out of video calls. We certainly are living in challenging and unprecedented times. Several weeks ago, the movie Contagion felt more like a sci-fi thriller, but has now become the reality for many Americans. We main strong as West Virginians and Pennsylvanians, and we know that we are in this together.

For some, the devastation is far greater than others. Some businesses survive and thrive on people, check that – lots of people, traversing through their doors on a daily basis. Some industries, like hospitality, require people to travel from different states to spend time in a city outside of where they call home. How do these types of businesses survive? For some, resiliency will keep the lights on and doors open. For others, despite their strongest efforts and desires to stay open, the task at hand is insurmountable. The margins and cash reserves are simply not there for some businesses who operate on a week-to-week or month-to-month basis. However, for most, hope remains and modifications to our previous routines can turn that hope into a positive outcome.

At Black Diamond Realty, we want to do our part to help support those struggling. We encourage our readers to do the same. Here are some tips of how you can support a local business.

Order take-out as much as you can afford it. Choose restaurants you love, especially locally-owned, ones you patronized prior to the introduction of COVID-19. Your support may help keep their doors open after this is all over.
Give to your local food bank, food pantries and non-profits battling hunger/food insecurity. Many of our neighbors are food insecure and do not know where their next meal will come from.
Pre-book parties and gatherings at your favorite establishments that are many months out. This could serve as a boost for business owners who greatly need it.
Buy gifts, wine and household needs from local establishments rather than big box retailers.
Share your positive stories on social media. Tell the world about your funny quarantine experiences. Share photos of things you and your family are doing.
Connect with one individual per week who you have not spoken to in a long time. Physical distancing does not mean social distancing. Today’s technology allows many to remain connected.
Write a letter to some of your favorite businesses in town letting them know you are thinking about them. The psychological boost will mean the world to many business owners.

Additionally, the federal government has come to the aid with various programs aimed at maintaining jobs and aiding our economy during these challenging times. Last week, Black Diamond Realty posted some valuable information on our website and social media outlets identifying helpful federal loan and grant programs aimed at aiding business owners, independent contractors and individuals. Applications for business owners were accepted, beginning Friday, April 3. Independent contractors can submit their applications starting Friday, April 10. Please spend a few minutes reviewing your options.

Click Here to review the CARES Act

A reoccurring question has emerged over the past few weeks. How has the commercial real estate market been affected? Before answering, please keep in mind our experiences and observations are only a small sample size of real estate activity. With that in mind, Black Diamond Realty has experienced two sale deals that have been derailed due to buyer uncertainty associated with the economy. In addition, a handful of leases have been put on hold, hopefully temporary in nature, for the prospective tenant to “wait and see” how things shake out. On the positive side, numerous deals continue to press forward as many still believe in the long-term vitality of investing and establishing in this region. Several new deals have surfaced in the past three weeks since Corona made its unwelcomed introduction to America. Investors are looking for stability and economic opportunity. Interest rates are at a historic low while stock market volatility is extremely high after an 11 year bull run. For many, a shaky stock market mixed with low cost of funds results in a great time to diversify portfolios into commercial real estate.

At Black Diamond, we work hard to initiate positive change in all the communities we serve. Please reach out if you have any questions, concerns or suggestions on how we can help our neighbors overcome this challenging situation.

In an unprecedented way, COVID-19 and the corresponding challenge has the potential to make our nation and moral fabric stronger. Let’s do our part to help turn a negative into a positive. Be kind. Be grateful. Share your love, time, talent and treasures with others in need. We will emerge stronger.

Article by David Lorenze, BDR Principal

CARES Act & Other Business Assistance Programs

April 1, 2020 6:30 pm Comments Off

As our nation navigates through the COVID-19 crisis, businesses are beginning to feel the effects first hand. As a means of financial relief, the government has passed the Coronavirus Aid, Relief, and economic Security (CARES) Act.

The CARES Act will provide $377 billion to help prevent workers from losing their jobs and small businesses from closing their doors due to economic losses caused by the COVID-19 pandemic. Download the printable sheet HERE.

Paycheck Protection Program:

The bill provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency.

If the employer maintains its payroll, then the portion of the loan used to cover payroll costs, interest on mortgage on obligations, rent, and utilities would be forgiven.
The bill provides this support to small employers 500 employees or fewer, self-employed individuals and gig economy individuals, nonprofits and 501(c)(3) organizations and 50(c)(9) veteran organizations.
Loans will be available immediately through more than 800 SBA-certified lenders, including banks, credit unions, and other financial institutions.
The size of the loans may equal 250 percent of an employer’s average monthly payroll. The maximum loan amount is $10 million.

View Paycheck Protection Program (PPP) FAQ

_________________________________________________________________________________________________________

Small Business Debt Relief:

The bill would require the SBA to pay all principal, interest, and fees on all existing SBA loan products, including 7(a), Community Advantage, 504, and Microloan programs, for six months to provide relief to small businesses negatively affected.

Entrepreneurial Assistance:

The bill provides $265 million for grants to SBA resource partners, including Small Business Development Centers and Women’s Business Centers offering assistance those small businesses impacted by the coronavirus.

Emergency Economic Injury Disaster Loan (EIDL) Grants:

The bill expands eligibility for companies suffering economic harm due to COVID-19. The bill allows businesses to apply for EIDL expedited access to capital through emergency grants – an advance of $10,000 within 3 days to maintain payroll, provide paid sick leave, and service other debt obligations. See below for detailed information and links to more information.

View EIDL Program FAQ

View EIDL Program Training Sessions

To learn more about this grant CLICK HERE.

Information provided by The Partnership. Visit The Partnership website for additional information.

Tag Archive: CARES Act

Black Diamond Realty’s response to COVID-19, a note from our Principal

Order take-out as much as you can afford it. Choose restaurants you love, especially locally-owned, ones you patronized prior to the introduction of COVID-19. Your support may help keep their doors open after this is all over.

Give to your local food bank, food pantries and non-profits battling hunger/food insecurity. Many of our neighbors are food insecure and do not know where their next meal will come from.

Pre-book parties and gatherings at your favorite establishments that are many months out. This could serve as a boost for business owners who greatly need it.

Buy gifts, wine and household needs from local establishments rather than big box retailers.

Share your positive stories on social media. Tell the world about your funny quarantine experiences. Share photos of things you and your family are doing.

Connect with one individual per week who you have not spoken to in a long time. Physical distancing does not mean social distancing. Today’s technology allows many to remain connected.

Write a letter to some of your favorite businesses in town letting them know you are thinking about them. The psychological boost will mean the world to many business owners.

CARES Act & Other Business Assistance Programs

As our nation navigates through the COVID-19 crisis, businesses are beginning to feel the effects first hand. As a means of financial relief, the government has passed the Coronavirus Aid, Relief, and economic Security (CARES) Act.

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