Details on the New Small Business Aid Package and Strategies and Ideas to Continue Through This Pause

National Small Business Town Hall from Inc. & U.S. Chamber of Commerce: Small Business Resources
By: Sean Ludwig, CO— Contributor

This week, Congress passed a new $484 billion coronavirus aid package that includes $310 billion in additional funding for the Paycheck Protection Program (PPP). The PPP — part of the CARES Act — was designed to help small businesses maintain payroll during this period of uncertainty, so this new round of funding is an important development for small employers.

At the fifth National Small Business Town Hall, held on April 24 by the U.S. Chamber of Commerce and Inc., a panel of experts discussed the replenishment of the PPP program, small lender carve-outs, new guidance on 1099 earners, and more.

During the Town Hall, Inc. editor-at-large Kimberly Weisul spoke with several business leaders, including Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce; Eugene Cornelius, Senior Director for Center for Regional Economics at Milken Institute; Sarah Jennings, Principal of Accounting and Outsourced Solutions and Director of Strategic Initiatives and Community Engagement at Maner Costerisan; Michelle Sourie Robinson, President and CEO of the Michigan Minority Supplier Development Council; and Bridget Wetson, Acting CEO of SCORE.

Here are eight important takeaways (among many) from the panel that can provide guidance for the many American small businesses trying to navigate federal aid programs.

Funds will be replenished for PPP loans soon

Congress has passed $310 billion in new funding for PPP, with the President expected to sign the bill into law shortly. Bradley said this means any companies who have already applied for a PPP loan with banks are still in line to be considered as soon as the Small Business Administration (SBA) has the funds.

If you received a PPP loan and want to return it, you can

Bradley notes that some businesses that did not actually need a PPP loan did, in fact, get one. Some of those businesses have since returned the loan money and any company that wants to return the loan quickly can do so without penalty.

Smaller banks and credit unions are guaranteed some new PPP money

Of the $310 billion this new bill allocates, $60 billion in PPP loans will go to smaller banks and credit unions. Effectively, this means small businesses that only have a relationship with a smaller lender have a better chance of getting a PPP loan in this wave of funding.

“This will help some [small businesses] in underserved communities have a better opportunity to get loans,” Bradley said. “We know those institutions happy to serve a lot of minority or women-owned [businesses]. That will really help.”

The EIDL loan program was replenished as well

The Economic Injury Disaster Loan (EIDL) program from the SBA has also been replenished, with Congress setting aside $50 billion in loans and $10 billion in cash grants. EIDL loans and grants can help with non-payroll expenses such as rent and utilities.

“When you can begin to apply [with the SBA], you should,” Bradley said. “It’s not a guarantee that you’ll get money and remember this program is particularly slow.”

Be careful with tax credits and PPP

Bradley said employers should be careful when taking advantage of new tax credits and PPP simultaneously. If a company accepts a PPP loan, then they are not eligible for the Employee Retention Tax Credit. And if a company opts for Payroll Tax Deferment, they cannot accept PPP loan forgiveness. (And, of course, talk to a financial advisor if you need more clarity.)

How to find alternative lenders to work with

Small businesses that can’t find a lender to work with on PPP have more options now. Robinson suggested looking through SBA-approved lenders and review them all, even non-traditional lenders, to find places to apply. She also mentioned PayPal and Square as good options for small businesses seeking a PPP loan.

Self-employed individuals should not take both PPP and unemployment.

In an important note of clarity for 1099 earners and the self-employed, Jennings said that they should not take both a PPP loan and unemployment so they are not penalized. Jennings said you can apply for a PPP loan and take unemployment until you receive the loan.

If your small business hasn’t already applied for PPP, you should immediately

While there has been some uncertainty about the program since money ran out previously, small businesses should still be trying to apply.

For the full townhall video, click here.

Western Retail Advisors Supports Clients & Friends

In gratitude for those special moments when you’ve had cause to celebrate, needed comfort food fast, or went out for a perfect family gathering at your favorite eatery – consider lending a helping hand to restaurants when they need it most. Below we’ve collected a list of our clients and friends who need you to support their businesses.


Whether big or small, chains or one-of-a-kind – they all can use a little help.


We encourage you to click here to support our restaurants if you’re able.

Grants Up To $10,000 Available To Some Phoenix Small Businesses

By Corina Vanek – Reporter, Phoenix Business Journal

Apr 14, 2020


Phoenix IDA, formerly known as the Phoenix Industrial Development Authority, is offering grants up to $10,000 for Phoenix-based small businesses impacted by the closures due to novel coronavirus.

The organization — which has partnered with the Arizona Community Foundation, Arizona Public Service Co. and the Phoenix Community Development and Investment Corp. — has a fund of $2 million available to be distributed as grants.

“We generate revenue from services and try to invest back into the community,” said Christa Severns, spokeswoman for the Phoenix IDA. “When COVID-19 hit, we saw an opportunity to help small businesses. We will allocate the funds to help small businesses experiencing economic distress.”

To qualify for a grant, the business must:

• Be based within the city of Phoenix;

• Have been in operation before Jan. 1, 2019;

• Have its physical establishment in a low-income census tract or on a street bounding a low-income census tract;

• Have no more than 25 employees as of Feb. 1, 2020;

• Have no more than $3 million in gross total sales between Jan. 1, 2019 and Dec. 31, 2019;

• Have gross total sales decline by at least 25% in February and March 2020 as compared with February and March 2019 and have the ability to prove the pandemic has caused financial distress.


The portal to apply for the grants will be open until the $2 million has been distributed. Applicants should expect a minimum of 10 days between applying and receiving the grants, but processing should take no more than 15 business days, Severns said.

To apply for a grant, visit:

1031 Deadline Extension

Internal Revenue Service. IRS Ministry of Finance. Abstract Business background


On April 9, 2020, the IRS issued Notice 2020-23 Providing Additional Relief for Taxpayers Affected by the COVID-19 Pandemic.


Anyone with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 and July 15, 2020 will have an automatic extension to July 15th. Unfortunately, taxpayers with deadlines in February and March did not get the relief we were seeking. The Federation of Exchange Accommodators (FEA), the national 1031 trade association, will be requesting additional relief for the taxpayers that need it.


For those who had a 45-Day Identification Period deadline on or after April 1st, you will have an automatic extension of time to make or change an identification.


For those who had a 45-Day Identification Period deadline prior to April 1st, we await additional guidance from IRS. We know that many counties and/or states had stay at home orders in place prior to April 1st.

Local First Arizona Launches Small Business Relief Fund

In response to the COVID-19 pandemic, Local First Arizona and its community partners are launching a fund to provide mini-grants to Arizona’s smallest, locally owned, independent enterprises. These micro-entrepreneurs — businesses with 0-3 employees and less than $250,000 in annual revenue (approximately $35k-$45k in net profits) — need immediate assistance to sustain the impact from decreased business and cash flow caused by the shut down of our economy. We are calling upon the community, from corporate partners to individuals just like you, to help our entrepreneurs by donating to the fund. Each donation is tax deductible and supports a family owned business by providing a mini-grant that offers much needed financial support through the duration of this crisis.




Applying for Assistance


Micro-entrepreneurs struggling to surmount the financial impact of the novel coronavirus may apply for funds to cover business expenses, employee salaries, and other operation-related costs.


Regional review panels (northern, central, and southern Arizona) of business owners assembled by Local first Arizona will review applications weekly. Within 7 days of review, applicants will be informed of their standing for a Small Business Relief grant: approved, pending future consideration, or declined. Once approved, funds will be distributed within 5 business days.


Local First Arizona is attempting to serve as many individuals and families in need as possible; there will not be enough funding for everyone. Please read the blow criteria and determine if you’re a good fit before applying:


  • 0-3 employees

  • Less than $250,000 in annual revenue (approximately $35k-$45k in net profits)

  • Independent and locally owned (no franchises at this time)

  • Priority will be placed on business owners with children under 18 at home

  • Families reliant on the business as their sole income

    For more information visit: Local First Arizona

    Andrew Lundahl Joins Western Retail Advisors As Director Of Investment Sales



    PHOENIX, AZ (April 6, 2020) – Western Retail Advisors, a premier commercial real estate brokerage group with offices in Arizona & California, is bolstering its Investment Sales group with the addition of Andrew Lundahl to the firm. Lundahl will be joining the firm as the Director of Investment Sales where he will be focusing on sales of net-leased and multi-tenant retail investment properties in Arizona & the greater southwestern United States.


    “Andrew is a paramount new player on our team. Serving investors in the disposition and acquisition of net-leased and multi-tenant retail properties, he will further our mission of maximizing value for our clients,” said Eric Termansen, Western Retail Advisors Founding Partner.


    Prior to joining Western Retail Advisors, Lundahl was at Lee & Associates where he was a member of the investment sales team. In his career, Lundahl has completed more than 2 million square feet in transactions valued at nearly $500 million. His experience includes successful transactions in single-tenant retail, shopping centers, office, and industrial properties.


    Lundahl holds a Bachelor of Science degree in Regional Development from the University of Arizona, is an active member of the International Council of Shopping Centers (ICSC) Young Leaders Group and is a member of the Urban Land Institute’s (ULI) Partnership Forum.


    About Western Retail Advisors


     Western Retail Advisors is a real estate brokerage purpose-built from firsthand retail experience, market knowledge and industry relationships. With offices in Arizona and California, they combine access to top retailers and Fortune 500 partners with deep local market expertise throughout the West – and beyond.


    To learn more visit or follow social media at:
    Facebook: Western Retail Advisors
    Instagram: @Western_Retail_Advisors

    A Message From Our Founder

    Dear Clients, Partners, and Team members:


    I want to share my heartfelt thoughts for the people who have lost loved ones and jobs from this horrible pandemic.


    The pain of the virus is very personal for me. My father succumbed to complications from COVID-19 on Monday morning. Not every son gets to hear their father tell them they’re proud of them. He did it often, including his last words to me. I feel spoiled that he was my father.


    I spoke to many people this week; some laid off, some furloughed, some in fear of the unknown. The worry is everywhere. The team at Western Retail Advisors are here to listen and be your partner. Our deep relationships with developers, operators, owners, and with local and national tenants, provide us with the insight and experience to help you navigate these unchartered waters. Through it all, we remain your trusted advisors.


    We’ve seen correspondence from our tenants to landlords, and responses from landlords addressing the issue of rent concessions and abatements. The entire commercial real estate industry is facing insurmountable strain. We must work together.


    For the past twenty years, we’ve had the great fortune to serve our clients. During that time, we’ve helped them successfully navigate several downturns, and this time will be no different.


    One in four jobs nationally is related to retail. That’s 25% of the US workforce; that keeps the economy going. We’re vital to the long-term health of the economy. ICSC is lobbying Congress for specific measures aimed to provide relief to the retail industry. Three stimulus bills have passed, likely a few more to follow. I urge you to communicate with your elected representatives, communicate with ICSC, and be part of the solution.


    Our teams have been working remotely for three weeks now and have been serving our clients without interruption.


    We wish everyone the best during this challenging time and greatly value our relationship with you. I’ve challenged my team to use this time to add value, provide resources, and stretch to find creative solutions that benefit all stakeholders. If we can help, don’t hesitate to follow up directly with our team or me.


    When our industry re-emerges, we can choose to come back from this shell-shocked and beaten, or we can be powerful and more connected. I know what my choice is.


    In Good Health,


    Eric Termansen
    Founding Partner