Local Business Enterprise Tenant Rent Forgiveness
Port Tenants who are certified Local Business Enterprises with the City and County of San Francisco are eligible for rent forgiveness under this program. Tenant must demonstrate LBE certification during the rent forgiveness period of March 1, 2020 – May 31, 2020 and execute a lease amendment with the Port.
Key Tenant Requirements
- Satisfy all responsibilities under the existing lease
- Report rent amounts that will not be forgiven because, for example, the Tenant received government-funded financial aid to be used for rent and from the Port’s Hardship Emergency Loan and Grant Program
Key Tenant Benefits
- Base rents forgiven from March 1, 2020 through May 31, 2020.
- Rent credits for base rent paid during forgiveness period.
- Rent credits will first be applied to any amounts owed prior to beginning of forgiveness period and then tenants would be able to apply such rent credits to rent payable during Fiscal Year 2021-2022.
- Any rent that is forgiven shall not be an allowable expense in the LBE Hardship Emergency Loan and Grant Program.
Tenants wishing to participate in the Rent Forgiveness Program may be required to submit the following information through an online form or to Port Staff through the lease amendment process:
- Economic impact from COVID-19 and need for relief.
- Business practices for safe operations while COVID-19 is still circulating in the community.
- Revenue projections, understanding fluid economic conditions, indicating whether the tenants can resume current rent payments at the end of the forgiveness program or the end of the rent deferral period, as applicable.
- Documentation of all submittals to federal, state and local relief programs and summary of application or forgiveness status.
- If no such applications were filed, tenant would be asked to explain reasons (ineligibility, etc.).
APPLICATION PERIOD HAS ENDED