1-week window opens for Nevada businesses to apply for up to $10K in commercial rent assistance
CARSON CITY, Nev. — Today, the State Treasurer’s Office and the Governor’s Office of Economic Development announced that small businesses and non-profits will be able to apply for State’s commercial rental assistance program beginning on Aug. 24, 2020.
The Nevada Commercial Rental Assistance Grant (CRAG) Program is using $20 million of Coronavirus Relief Funds to assist businesses and nonprofit organizations that have experienced significant revenue declines due to the COVID-19 pandemic.
The Program will provide up to $10,000 in grants to eligible commercial tenants, which are not required to be paid back. Landlords whose tenants participate in the CRAG Program will receive payments directly and must agree not to commence eviction proceedings against the tenant for 90 days following the receipt of payment.
To be eligible for the Program, applicants must meet the following criteria:
- Be a licensed for-profit business or a non-profit organization with Nevada as its principal place of business.
- Have 50 or fewer full-time employees.
- Have been in operation for at least six months prior to March 1, 2020.
- Demonstrate at least a 30 percent loss of gross monthly revenue after March 1, 2020 as a direct result of COVID-19.
- Have a physical commercial location with a current, active lease on commercial property in Nevada.
- Must not have previously received more than $5,000 in funds from the Paycheck Protection Program or other COVID-19 rental assistance programs.
- Must not have any outstanding tax liens.
Businesses are encouraged to visit the Governor’s Office of Economic Development website to learn more and to find the application.
The Program will begin accepting applications on Monday, Aug. 24, 2020, at 8 a.m. PDT. The application period will be open for one week, and will close on Monday, Aug. 31, 2020, at 5 p.m. PDT.
Once the application period closes, applications will be prioritized to support disadvantaged businesses along with businesses and non-profits with the greatest revenue losses during the COVID-19 pandemic.
The State anticipates that approximately 2,000-3,000 businesses will receive rental assistance through this grant Program.
This press release was provided by the Nevada Governor’s Office of Economic Development.
With median home prices topping $500,000 in Reno and nearly $520,000 in Minden/Gardnerville, 2021 is shaping up to be quite the sellers’ market for Northern Nevada. As for housing supply, that’s another story, reports the NNBW’s Kaleb M. Roedel.