I’ll keep this brief because I know we’re all working to figure out what this new world looks like and how to make the best decisions. There’s plenty of pandemonium panic out there so I won’t go into any of that but have some resources and thoughts to share.
First and foremost, safety of our people! Family, Friends, Co-workers, Neighbors and anyone who needs a helping hand like the elderly. I know there’s a lot of tension out there, but I for one am going to slow down and make an extra effort to be a little more understanding and helpful.
While none of us know exactly how long this will last or where it will go, all indications are that it will be a big disruption with longer term impacts. Specifically, some of the most challenged sectors are Entertainment (Theaters, Bowling and such), Restaurants (most dining rooms are closed), and the entire service sector (think the arena staff for March Madness). Many other retailers are moving to close showrooms (Apple) for the time being. Please support local businesses – especially restaurants – who offer takeout and delivery services.
What does this mean for Rent (or lack of Rent), is it Force Majeure? It’s hard to detail and address each specific situation without all the details, there are some resources to point people to:
- Business Interruption Insurance – Questions revolve around what is covered, when does coverage begin in similar type questions. I’m sure each policy is different, but this link is a good place to start with questions that are relevant.
- Unemployment Filing This article is a good place to begin for people who have been laid off – especially in the restaurant sector.
- SBA Disaster Assistance The SBA has a link to apply for SBA Disaster Assistance on their site.
- ICSC Letter to the President This is a link to Tom McGee’s letter to the President. As President and CEO of ICSC Tom is advocating for all in the retail sector.
What we do know is that the World has Changed (again), This is BIG and will warrant a BIG RESPONSE, Winners will emerge and this too shall pass.
Be Patient, Diligent, and Kind.
Your Carolina Retail Experts are working remotely and available to help in any way. We are social distancing and exercising discretion in our contact but please know we are working, available and here to help in any way.