61% Of Restaurants Can’t Pay December Rent, Up 19% From November 2020. The Alignable Rent Poll has just been released for December, showing that it’s becoming increasingly difficult for small businesses everywhere to pay their rent in full and on time, given the latest COVID resurgences. The need for more federal funding is also becoming more pronounced for many of these businesses.
Here are some highlights:35% of U.S. small businesses couldn’t pay their rent this month, up 3% from 32% in November. Several B2C industries are devastated – 61% of restaurants can’t pay their rent this month. That’s up 19% from 42% in November. Beauty salons (46%) and travel/hospitality businesses (43%) round out the Top 3 most-affected businesses, but many others are in trouble.
Looking at demographics, minority-owned businesses are suffering the most, as 49% of them reported that they could not afford their rent in December. That figure is 5% higher than it was in November. Women-owned businesses are also struggling (38% of those have not paid their rent, up 3% from 35% last month).
In terms of funding needs, rent topped the list, as evidenced in Alignable’s SMB Funding Needs Report, released last week.
Link in here: https://www.alignable.com/forum/special-report-covid-crisis-needed-to-keep-small-business-economy