Quoted from the Official Washington Prime “Open for Small Businesses” webpage. -> http://washingtonprime.com/open-for-small-business-initiative
As many small businesses have been closed during the Coronavirus pandemic, these local entrepreneurs are increasingly finding it difficult if not impossible to currently pay operating expenses such as payroll, insurance, utilities, loan interest, inventory and, of course, their rent.
Let’s keep it simple. Our Open for Small Business Initiative partner and 2017 Economic Sciences Nobel Laureate, Richard Thaler along with his colleague Jeff Severts just published an editorial in the Wall Street Journal entitled Lower the Rent During the Coronavirus Pandemic. They stated, ‘many aspects of the Covid-19 pandemic are incredibly complex. Lease renegotiation doesn’t need to be one of them’ and we couldn’t agree more.
So in order to streamline the process, we have provided an easy to use lease modification template which allows for the deferral and/or abatement of rent payments until you get back on your feet.”http://washingtonprime.com/open-for-small-business-initiative