A popular coffee shop in our area that a friend and I often visited was shut down a few months back. A sign posted on the door by the owner of the building stated that they had not paid their rent.
They didn’t survive the pandemic shutdown, and with the recent economic turmoil in the US, they may not be alone.
A recent poll conducted by Alignable revealed that 37% of small business owners in the US may be unable to pay their October rent.
The Daily Wire provides more details:
Small American businesses, crippled by rampant inflation, higher gas prices, soaring supply chain costs, and a concomitant plunge in consumer spending, are growing in their inability to pay their rent, according to a recent survey.
Alignable’s October Rent Report shows that in October, 37% of small business owners surveyed stated they were unable to pay their rent. The rate of delinquency was 30% in September. The 7% increase represented the biggest, fastest increase month to month in 2022.
A total of 59% of small business owners told Alignable that consumer spending at their businesses plunged in October.
READ: October Disaster: Soaring Number Of Small Businesses Can’t Pay Rent, Poll Shows