CHICAGO—Aries Capital LLC is offering commercial real estate owners and other businesses assistance with the time-sensitive Paycheck Protection Program (PPP), enacted on March 27, 2020, as part of the Federal Government’s Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
“With limited funds available and loans going out on a first-come-first-served basis, it’s important to act quickly for the Paycheck Protection Program,” said Brandon Perdeck, VP of Aries Capital. “We will help our real estate, hotel and management company clients navigate the process through our long-time SBA lender relationships and will not charge a borrower fee for this assistance. We are all in this together.”
The Paycheck Protection Program provides small businesses with loans up to 2.5 times their average monthly payroll up to a maximum of $10 million. The non-recourse loans are 100% guaranteed by the Small Business Administration and borrowers do not need to provide collateral. This program is designed to help impacted businesses with 500 employees retain their workforces by covering short-term employee payroll costs including wages, salaries, retirement contributions, healthcare and covered leave, as well as mortgage interest, rent, utility payments and interest on other eligible debt obligations. Loans can be partially or fully forgivable when used as indicated for eligible purposes. Applications are being accepted starting April 3, 2020.
“At Aries Capital we have always been a forward-thinking company, tapping the best real estate financing capital in both good times and bad. In fact, our company was founded 29 years ago in the midst of a deep real estate recession,” said Neil Freeman, chairman and CEO of Aries Capital. “We are familiar not only with navigating challenging times, but also have long-time relationships within the SBA market. We’re here to help.”