RK Centers is committed to the health and safety of our tenants, employees, associates, shoppers and other community members. The COVID-19 (Coronavirus) pandemic, while still unfolding, has significantly impacted each of our businesses, and we would like to direct you to some potential opportunities of support.
CARES ACT – PAYCHECK PROTECTION LOAN:
Congress has passed the CARES Act which, among other things, will fund through the Small Business Administration (“SBA”) federal loans to help minimize the impact of the pandemic on small and mid-sized businesses, particularly with regard to Payroll Costs, known as the “Paycheck Protection Program.” Any small business with less than 500 employees, including sole proprietorships, will qualify for this loan program and in most instances, qualified funds borrowed will be reimbursed by the government. For your convenience, we are embedding links to (i) the SBA website and (ii) SBA frequently asked questions (FAQs) regarding the Paycheck Protection Program.
We strongly encourage you to reach out to your bank and/or any trusted financial advisor and file an application for a loan under the Paycheck Protection Program as soon as possible.
BUSINESS INTERRUPTION INSURANCE:
The insurance industry may take the position that losses due to the COVID-19 Pandemic are not covered by their policy because there is no physical damage to your premises. Nevertheless, given the fluidity of the situation, it is possible that government action (federal or state) may require insurance companies to cover these claims sometime in the future. After filing for a Paycheck Protection Loan with the SBA, you should quantify your losses due to the pandemic and consider submitting a claim through your insurer. Please consult your insurance advisor and/or agent accordingly.
CONFIRM WITH RK CENTERS YOUR APPLICATION FOR THE PAYMENT PROTECTION LOAN AND FILING OF THE BUSINESS INTERRUPTION CLAIM:
In evaluating how we can work together, it is extremely important to us that you confirm that you are making all reasonable efforts to seek relief via the SBA loan and the filing of the insurance claim as described above. Therefore, we ask you to let us know, by email, as soon as you have submitted your application for the SBA loan and filed your insurance claim, and to update us as to each when appropriate.
We remain sympathetic to the challenges that you are facing in these uncertain times and we are committed to your long-term success. We are hopeful that these resources will set you on a path to some meaningful relief as we all try to navigate this unprecedented environment. Please keep us informed of your progress.
Our best regards,