Small businesses have 'small resources' and the rent is due!
Consider this, the average monthly rent for a small business in Seattle is $7,000.00. Which is no small sum when no money is coming in the front door and expenses are still going out the back door. See below for survey results.
Many factors are leading to payment issues among small businesses. Based on other Alignable research, these are just some of the challenges:
Industries with small business owners struggling to pay rent in full include: retail (Mom & Pop Shops, salons, barbers, florists, etc.), restaurants, construction, arts & entertainment, hotels/motels/B&Bs, and transportation (taxis, Uber and Lyft).
However, small business owners in industries including financial services, insurance, utilities and real estate have been less affected by COVID-19 and were among the 52% of businesses paying their June rent in full.