Positioning the shopping center industry for recovery is critical to the economic, civic and social viability of communities across the nation. According to ICSC, the majority of an estimated $6.7 trillion of consumer activity occurs within America’s shopping centers, with nearly 1 out of 4 U.S. jobs retail related.
The retail real estate industry must remain active to ensure its long-term viability. Below are recent updates and calls to action.
No on California’s SB 939
California SB 939 was put on the Senate Appropriations “suspense” file on June 10. Opponents are urging the Senate Appropriations Committee to hold the bill on suspense when it comes up again for a vote on June 18 and keep it there indefinitely. SB 939 would allow businesses large and small to withhold rent indefinitely regardless of how profitable they are and creates a new, special protected class of businesses that can walk away from lease obligations altogether, transferring the debt to the property owner.
ICSC Advocating for Expansion of Main Street Loan Program
On June 8, the Federal Reserve Board announced an expansion of its Main Street Lending Program (MSLP) to allow more small- and medium sized businesses to receive support. The board lowered the minimum loan amount, raised the maximum loan limit; adjusted the principal repayment schedule to begin after two years; and extended the term to five years. The Fed noted that it expects the Main Street program to be open for lender registration soon and once open encourages participating lenders to begin making Main Street loans immediately.
America’s Recovery Fund Coalition
The America’s Recovery Fund Coalition, an alliance of more than 60 trade associations and business organizations advocating for additional economic support in the form of a grant-based federal assistance program, formed in May. The coalition spans more than 30 business sectors which employ 45 percent of the nation’s workforce. To stay informed, visit https://americasrecoveryfund.org/.