While no industry has been spared by the COVID-19 pandemic, we wanted to share a recent article in the Washington Post highlighting the latest challenges in the real estate sector as the canary in the coal mine of American small businesses. As many businesses contend with declining revenues, they have been forced to make difficult financial decisions – and nearly half of commercial retail rents were not paid in May.
The article highlights the National Association of Real Estate Investments Trusts, a member of America’s Recovery Fund Coalition:
“‘It’s not appropriate policy to have blanket rent forgiveness. It could really create some chaos,’ said John Worth, executive vice president for research at the National Association of Real Estate Investment Trusts.”
ARFC is pushing for a Recovery Fund that will allow businesses to meet operating expenses, including rent, to support the economy in this moment of crisis. When American businesses cannot afford to keep their doors open, that isn’t only a problem for commercial realtors – it’s a problem for millions of workers and the communities that rely on them for goods, services, and state and local taxes.
With multi-million-dollar lawsuits between retailers like GAP and property owners like Simon making headlines, it is clear that businesses large and small are struggling to stay afloat during the current economic downturn. America’s Recovery Fund will be a lifeline for businesses to sustain themselves as communities across the nation gradually reopen.
Read the full article here, and if you would like to learn more about America’s Recovery Fund, the Coalition, or to speak with business owners advocating for it, please reach out to [email protected].