CARES Act: Property Owners & Paycheck Protection Program

[Mark S.]

My question is regarding the Paycheck Protection Program and how this relates, if it does, to property owners/landlords under the CARES Act that was signed into law on 3/27/2020. 

I understand that the overall purpose of the Paycheck Protection Program is to keep people employed, however, I'm wondering if the fully guaranteed Small Business Administration (SBA) loans would somehow be available to property owners/landlords.

These loans must be applied for by 6/30/2020, have terms of 10 years maximum, and interest rates of 4% maximum.  I understand that a business must make a "good-faith certification that the loan is necessary due to the uncertainty of current economic conditions caused by COVID-19."  My understanding is that the proceeds can be used for several items including mortgage.  Mortgage is said to NOT be a forgivable portion of the loan (but, rent would be, for example - among many other qualifying items for business owners).  These SBA loans supposedly DO apply to sole proprietorships (and other business structures, like LLCs, etc.)

So the question is: As rental property owners, even if we don't have employees, are we able to apply for one of these SBA loans for our rental property business due to the uncertainty of economic conditions caused by COVID-19 (namely, our tenants' ability to pay rent in the coming months) or is this just wishful thinking on my part?

I have read the posts / listened to the podcasts /etc. about ways to be proactive with tenants and the different payment options we can make available to them, but my question is specifically whether or not as property owners, we are entitled to these Paycheck Protection Program loans by the SBA and their qualifying lenders.