Another day, another restaurant doomsday story.
According to the latest Alignable Rent Poll, 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, according to the poll.
These findings are based on the most recent Alignable Rent Poll conducted among 9,204 small business owners from 11/21-11/23/2020. Here are the highlights:
- Several B2C industries are devastated – 61% of restaurants can’t pay their rent this month. That’s up 19% from 42% in November.
- 35% of U.S. small businesses couldn’t pay their rent this month, up 3% from 32% 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).
Overall, 35% of small business owners reported that they couldn’t make rent this month (up 3% from 32% in November). For minority-owned businesses, the struggle is even more pronounced: nearly half (49%) report being unable to cover their rent in December. That figure jumped 5% from 44% in November. For women-owned businesses, 35% couldn’t make rent in November and now that percentage is up to 38% in December. – READ MORE
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