As we are all aware, the stay at home order in place (in some states) is to slow down the spread of the coronavirus which has had an enormous impact on business’ incomes. Some businesses such as, Mattress Firm and Subway are considering withholding rent. With the decline of customers due to the cancellation of all non-essentials, affording rent in April could be difficult for businesses. On a large scale, this could have drastic repercussions for the economy and businesses as a whole.
It is still unclear whether The Federal Reserve will give banks an exception to allow the property owners to defer payments for rent.
Struggling financially due to the Coronavirus? Call our office at 816-524-4949 or visit our website at hoorfarlaw.com to schedule an appointment.