The June quarter-day is looming, and many retail tenants have found themselves unable to pay all or part of the March quarter's rent due to the Coronavirus restrictions. Many will likely be in the same position again next month.
Landlords are reportedly proposing a furlough scheme for closed commercial spaces, based on a similar scheme which has been successfully introduced in Demark.
The proposals mean tenants would contribute some rent, and landlords would agree on a reduction in payments, with the Government making up the balance.
The new proposals could bring welcome relief for landlords and tenants, and help keep businesses running long enough to get through the current crisis.
Landlords are reportedly in talks with the government to see if unpaid retail rent bills due to the coronavirus pandemic could be placed on a furlough scheme of sorts. According to The Telegraph, the UK Government is considering a “furloughed space grant scheme” proposal, with officials inviting industry leaders last week to help prepare a rescue plan.