Clark Howard, a consumer advocate and money expert, is working every day to answer your questions about the economic and financial impacts of the coronavirus outbreak worldwide. For many small business owners, April rent is coming due. What options do you have?
Clark says most commercial properties are owned by third party investment groups, and most are not allowed to negotiate concessions about rent.
But he says the reality is that the United States has extreme vacant commercial space, especially retail space.
“Landlords would be crazy to play this one hard with businesses because then they end up with a vacancy that later they’re going to have a hard time filling,” Howard says.
Clark says we’re so early in the coronavirus impacts on our economy that if making the April payment isn’t feasible, don’t make it and go to your grace period.
Listen to the Clark Howard podcast on WOKV’s website by clicking here.
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