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Newport Beach

Volume 5, Issue 77  |  September 25, 2020

Irvine Company offers tenants “no interest” rent deferral option

The Irvine Company has issued a notice to their retail properties “extending an optional rent deferral program” to tenants. The notice, penned from Butch Knerr, president of Irvine Company Retail Properties, says that beginning April 1, Irvine Company Retail Properties division will defer all rent charges for 90 days.

Those deferred rents would then be paid back over a 12-month period with no interest commencing January 1, 2021, according to the letter.

Tenants wishing to take advantage of the offer will be asked to sign a “simple, one-page agreement.”

The letter also offers tenants a list of available Business & Workplace Programs & Resources from outside sources. The list includes SBA Disaster Loan information available through the U.S. Small Business Administration; a Disaster Relief Loan Guarantee Program designed for declared disaster areas to assist lenders and small businesses by providing loan guarantees of up to $1 million and a Jump Start Loan Program that offers loans of $500 to $10,000 to low-wealth entrepreneurs; and, a program through the California State Treasurer’s Office designed to provide !00 percent coverage of certain loan defaults.

The Irvine Co. also announced that a representative would be reaching out to each merchant to discuss opportunities.

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