Open for Business Initiative
Local Entrepreneurs

As many small businesses have been closed during the Coronavirus pandemic, these local entrepreneurs are increasingly finding it difficult if not impossible to currently pay operating expenses such as payroll, insurance, utilities, loan interest, inventory and, of course, their rent.

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Let’s keep it simple. Our Open for Small Business Initiative partner and 2017 Economic Sciences Nobel Laureate, Richard Thaler along with his colleague Jeff Severts just published an editorial in the Wall Street Journal entitled Lower the Rent During the Coronavirus Pandemic. They stated, ‘many aspects of the Covid-19 pandemic are incredibly complex. Lease renegotiation doesn’t need to be one of them’ and we couldn’t agree more.

So in order to streamline the process, we have provided an easy to use lease modification template which allows for the deferral and/or abatement of rent payments until you get back on your feet.

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Lease Modification

The standard lease modification template is summarized as follows:

  • Rental payments will be deferred substantially or entirely during the Relief Period predicated upon whether a qualifying small business remains open or closed.
  • If physical premises of a small business establishment remains open, the rental payment shall be 10% of the most recent monthly rental payment.
  • If closed, the rental payment shall be 100% deferred.
  • Upon conclusion of the Relief Period, rental payment shall be reinstated based upon the most recent lease terms and conditions prior to the Relief Period.
  • Beginning six months after the end of the Relief Period, the amount calculated as Total Deferral Amount will be amortized during the next 6-month period.
  • Relief Period is defined as the following: (i) The reopening of said establishment pursuant to approval of applicable governmental authority; and (ii) A 30-day grace period commencing from date of opening.

Disclaimer: The documentation presented is not an offer or promise to modify a Lease with Washington Prime Group (“WPG”). The documentation should not be considered legal advice or legal opinion by WPG (or any of its affiliates). Individuals should reach out to independent counsel for legal advice with regard to any lease modification or loan.

The Open for Small Business Initiative is also hosting educational programs via webcast seminars. We’ll have agency officials and other experts on hand to address everything you need to know about how to access Small Business Administration (SBA) guaranteed loans as well as other public and nonprofit programs. We’ll also be holding tutorials focusing upon leadership, accounting, recruiting, social media, advertising and marketing led by industry professionals in order to address the necessary catalysts required to jumpstart your small business when it’s time to open back up.

Upcoming webcast from our partners

Program Participants

University of Chicago Institute for Justice Clinic on Entrepreneurship

Beth Kregor Advocate for entrepreneurs and trusted legal advisor, is the director of the IJ Clinic on Entrepreneurship

Richard B. Thaler, Charles R. Walgreen Distinguished service professor of behavioral science and economics and recipient of the 2017 nobel memorial prize in economic sciences;

Steven B. Levitt, William B. Ogden Distinguished Service Professor and coauthor of the New York Times best seller Freakonomics;

Washington Prime Group, Inc. News release

Additional Resources
Us Small Business Administration:
Us Department Of The Treasury:
Other Helpful Resources: