Wall Street Journal: Who's Paying May Rent
MEDIA COVERAGE | ARTICLE |
The Wall Street Journal asked us to create a special Pulse Poll on how small businesses were able to handle paying April rent, given the challenges of quarantines and the Coronavirus. Please read this very well-researched story.
(Published by The Wall Street Journal on April 3, 2020)
By Will Parker
About half of U.S. small businesses haven’t paid their full rent or mortgage yet this month as a result of the coronavirus pandemic, a new survey suggests.
In the poll, conducted on Thursday and Friday by Alignable, a small business social networking company, about 30% of the more than 1,000 respondents reported making no rent or mortgage payment in April, while 20% said they had made only a partial payment.
The remaining half reported paying their entire rent on time. Only a quarter of respondents said their landlord or bank offered a reduction or deferral on what they owed. The survey was of companies with up to 50 employees, including retail, restaurant, auto-repair and other small businesses.
To see the rest of the article, go to the wsj.com site.
Please share your comments on the article below, as this is a very important issue we should tackle together.
Comments (21-30)
I work out of a home office.
I filed for an SBA loan yesterday. I paid April lease but now I’m behind on my April home mortgage. Going forward I would have to choose btwn my office and my home. it looks like I’m only eligible for about $10K which will only take care of 4 months of lease in San Francisco, nothing else.
Last year I celebrated breaking into 6-figure revenue as a sole proprietor (no employees) and then, in a moment of time, my business was decimated. Clients disappeared almost completely. They are either suffering hardship or hesitant to trust doing the work in video sessions (I am a hypnotherapist). The very sad thing about that, is I specialize in severe trauma and anxiety, and this is exactly the time my clients need me — video sessions are very effective)
We dipped into our personal pockets to pay our April rent in full. No perks from our landlord at all! Despite our bookshop being closed, we kept our two employees because we do not want to leave them in the street, and of course, payroll has to be paid. We are working hard to beef up our online business but it will probably take time to pick up!
While I was able to make my april payment, I know I can't make May and forward and I know I can't afford 'loans'. I need grants OR the President needs to make a nationwide statement that all loan companies Freeze their payments until this is over and just tack on these payments at end of our loan terms. Isn't is so easy. Why are we going through this as stressful and chaotic as they are making it with all these different laons and stimulus and who can't get thru to their debtors, and which debtors are not forgiving anything. It's unnecessary and the President needs to take a nationwide stance that all follow the same rules to get us All thru this!
Over the last month and a half I have had to consider giving up my physical office space ($650 per month) since I have done all my business online because people are not coming out of their homes (shelter in place). I hate losing money and wonder if the walk in traffic will come back. At this point I am simply storing my office furniture at my location and have to consider losing the location by ending my lease and moving my furniture into cheaper storage.
In addition to being a retailer, I also own and manage a commercial building with a dozen or so tenants. When the Stay Home ordered was first issued in late March, I sent out a memo to my treasured tenants waiving one-half of April rent. It was very much appreciated. Question now is whether I can continue to do this each month until this crisis is over.
We received about 90% of rents due for April. May remains uncertain
We have paid a quarter of the rent, we did communicate with our landlord we are hoping to help each other in this crises
Doesn’t surprise me. When the Coronavirus epidemic subsided this country will be in a depression!
Thank you for your information.
my best,
Allen