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1,000 small businesses get coronavirus rent reprieve from Florida developer
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A Florida-based developer is offering a reprieve to more than 1,000 tenants whose businesses were gutted by an economic shutdown intended to curb the spread of the coronavirus pandemic.
Sleiman Enterprises says it's "taking the pressure off" occupants across more than 90 properties stretching from Virginia to South Florida, evaluating the status of each business and what the owners need to stay afloat.
In some cases, it's moving April and May rents to the back ends of leases, when tenants expect revenue to be flowing once more, or perhaps allowing them to pay the two months' rent in small increments once the economy reopens. Tenants who qualify for those options would still be responsible for real estate taxes, building insurance, and maintenance fees.
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The concessions show how some businesses are working cooperatively with clients to navigate the economic swoon, which has threatened retailers large and small across the U.S.
While tinier businesses were eligible for government assistance via small business loans, many struggled to access the money since the original funding was quickly depleted.