DETROIT - One of Detroit's real estate companies will waive rent, expenses and parking fees for all of its retail tenants that qualify as small businesses.
Tenants like restaurants and boutiques that rent out of Bedrock-owned units will have their property expenses waived for the months of April, May, and June, to help those retailers weather the uncertain times ahead following the growing outbreak of the coronavirus.
"It is going to take the entire community to mitigate the effects of this pandemic on the region, and we are happy to do our part to help our portfolio's most vulnerable businesses weather the storm," said CEO Matt Cullen.
It's been a rough couple of weeks for many of Michigan's small businesses. More than a week ago, Michigan Gov. Gretchen Whitmer mandated all dine-in restaurants and bars to cease operations and only allow take out. She followed up more restrictions on nail and hair salons, as well as tattoo parlors this last weekend.
More nonessential businesses are expected to see the same fate on Monday following Whitmer's expected announcement asking for Michigan residents to shelter-in-place and to only leave for essential services.
Once customers stopped coming into businesses, many employers were forced to layoff their workforce. More struggles are on the way for any that must still pay rent.
Both private companies, as well as governmental administrations, are working to stymie the eventual economic fallout of business restrictions as efforts to contain the coronavirus are expanded.
Learn more at www.bedrockdetroit.com