Prosper Portland’s response to the COVID-19 crisis
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Prosper Portland’s response to the COVID-19 crisis
As of March 18, 2020
The health of our community, partners, colleagues and economy remains front of mind for all of us at Prosper Portland. We want to make sure you are aware of the actions we are taking to ensure the continuity of agency operations, as well as to address the economic impacts of the COVID-19 pandemic on Portland’s businesses and employees.
In light of the breadth and scope of the current crisis, Mayor Wheeler has convened an Economic Impact & Intervention Task Force to identify ways to help our city’s small and large businesses and their employees. The Task Force includes major employers and small businesses, front-line communities, labor, workforce development partners, and foundations – alongside key public partners from Multnomah County to Business Oregon. In the days and weeks ahead, you can expect to see regular updates as resources become available.
Taking immediate action to support local businesses
We are partnering with APANO to provide $150,000 in grants to businesses with Asian/Pacific Islander (API) ownership, particularly those within the Jade District, centered on Southeast 82nd Avenue and Division Street, which is home to many Asian-American business owners, some of whom have seen their revenue drop by as much as 60% for the last 6-8 weeks as a result of xenophobia and racism.
Prosper Portland is prepared to offer a three-month deferral of loan payments to our borrowers who request it and whose business has experienced a decline in revenue of 10% or more. We’re prioritizing staff time to work with small, public-facing businesses with annual revenues under $1 million as quickly as possible.
Rent relief for Prosper Portland's commercial tenants
We are offering rent relief to commercial tenants in Prosper Portland-owned properties. For our tenants that have experienced a decline in revenue of 10% or more, we’re prepared to provide a three-month deferral of rent payments for April, May and June 2020.
The Portland Small Business Relief Fund will provide grants and no interest loans to support Portland small businesses experiencing hardships related to COVID-19.
If you’re concerned about having your electricity turned off or curious about programs that would help reduce layoffs, please go to our COVID-19 Business Resources page. If you need to talk to someone to understand how to navigate these resources please call the City of Portland information line at 503-823-4000. You can sign up at our COVID-19 email distribution list to stay informed about the latest resources.
Mayor Wheeler has announced a local moratorium on residential evictions, in partnership with Multnomah County, for the duration of the State of Emergency. Under the moratorium, no one can be evicted for failure to pay rent who has suffered substantial loss of income due to COVID-19. The moratorium is not a forgiveness of rent; rent owed will continue to accrue with a grace period for repayment following the expiration of the Emergency declaration. Learn more about the new Executive Rule here
Starting March 13, we instituted agency-wide teleworking. Our building is closed to visitors. Meetings are now taking place via teleconference. Prosper Portland staff remain available via phone and email. Whenever possible, materials should be e-mailed rather than mailed through the USPS. This will speed up processing of those documents.
