The small business network group Alignable released the survey, which found that the hardship varies by industry. A notable 57% of beauty salons said they couldn’t make rent as well as 45% of gyms, 44% of retail and 44% of restaurants.
“Making matters worse, this occurred during a quarter when more money should be coming in and rent delinquency rates should be decreasing,” Alignable said. “But so far this quarter, the opposite has been true.”“Last month, rent delinquency rates increased seven percentage points from 30% in September to 37% in October,” Alignable said. “And now, in November, that rate is another four percentage points higher, reaching a new high across a variety of industries.
Business owners cite a range of reasons for the difficulty making rent, including higher rent costs and lower revenue. But 60% cite inflation. “One indicator of the toll inflation is taking on businesses is a steep drop in the percentage of small businesses that are fully recovered, earning as much if not more than they did monthly prior to COVID,” Alignable said. “The percentage was 24% in October, but dropped to 14% in November -- an all-time low.”
Michigan had the highest percentage of small business owners unable to make rent at 51% with New York in second at 49% and Massachusetts third highest at 45%.
JoeBiden’s America 🤬
We've gone back to the skewed model where international corporations have grown big enough, with tax breaks, to push all the smaller birds out of the nest. Eliminate the competition, with our government's help.
JoeBiden will pay
RightisRightPA Big surprise. Our small business thankfully doesn't rent space, but the cost of gasoline and supplies has caused us to have to raise prices and people don't have money. It hurts everyone.
That’s the plan. Move in all of these big liberal companies and do away with the ma and pa stores. Our country has went to Hell…. Quick.
But hey.... The white house is decorated for Christmas 🤷♀️🙄
Ahh, what the hell... for old times sake LetsGoBrandon!!!
Kinda difficult when looting is legal.
I was told by POTUS that the economy is going great.
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