With respect to the impact of COVID-19 on commercial leases, much of the focus has been on established leases and the tenant’s ability to meet the economic challenges of their lease commitments in light of their changed financial circumstances. However, many leases were executed, lease terms renewed or premises expanded just prior to the outbreak, leaving landlords on the hook for commitments and with tenants who may no longer be as credit-worthy as they were when the lease was executed. Landlords, read our breakdown of steps to follow, risks to evaluate and alternatives to consider. Authored by Robin Black and Jamie Burns
- This morning the Federal Reserve Bank of Boston released the state-by-state list of lenders participating in the Main Street Lending Program (MSLP) who are accepting new business applications and who have elected to be listed. The list will be updated regularly as additional lenders register for the program. The list for Illinois currently includes the following seven registered lender participants: Bank of America, Banterra Bank, BBVA USA, Byline Bank, Fifth Third Bank, Signature Bank, and Wood & Huston Bank. Borrowers, inquire about Main Street loans with your existing financial institution as well as those on the list. Authored by Emily Watson
- As courts in Illinois begin to reopen, there is sure to be a flood of new commercial foreclosure filings in the wake of the financial hardships caused by the COVID-19 pandemic. Review our estimated timeline of the necessary phases of a commercial foreclosure filing. Authored by Jamie Burns
For more resources and LP's response to COVID-19, visit this webpage.