The Arch Company to continue COVID-19 financial support
Many of our tenants’ lives and livelihoods have been severely impacted by COVID-19. As lockdown restrictions start to ease, some businesses, particularly those that are not allowed to open, will continue to require support.
For the next three months, The Arch Company will build on the approach we took in the last quarter, providing financial support to independent small businesses most severely affected. As we said at the start, we want as many as possible of the diverse and independent SMEs that are the heart of the arches to be able to survive through the crisis.
Throughout the next quarter, any independent small businesses that are banned from opening by government guidance will continue to receive a rent-free until such time as they are allowed to open.
We also appreciate that even if a business has been permitted to open again, it may still be facing adverse trading conditions. Independent small businesses that are able to open, but still severely affected by COVID-19, will get July rent-free. For August and September, they will have the option of drawing down deposit funds, if available, to cover half the rent. If no deposits are available then half the rent can be deferred instead.
The support will be assessed monthly, and tenants will need to pay half the rent for August and September. Tenants who require further support to pay rent in August or September for any reason, should contact The Arch Company via the Coronavirus Support Unit.
Deposits and deferrals will not need to be replaced or paid back until June 2021 and will not be subject to interest during this twelve month period.
Our Coronavirus Support Unit will continue to provide guidance on accessing government and local authority financial help, in addition to supporting businesses with questions and protocols on the easing of restrictions and restarting their businesses.
If you are:
One of our tenants
An independent, small business
Still closed or having your operations severely affected by COVID-19
Then please fill in the application form on this page to seek our support over the coming months. To make this as easy as possible, we have tried to limit the information request but would ask you provide as full and complete answers as possible as it will help our review. If our initial assessment indicates that further information may be needed around a business’ financial health, then we may get in touch to ask some further questions.
If successful, we’ll confirm that you will receive the first month’s support. We will require updates from you each month on the status of your business (have you re-opened, is trading still severely affected by COVID-19 and so on) as time goes on to confirm that the later months’ support is still appropriate. We will provide more details of what will be required in due course.