Dan Gilbert just announced that his real estate firm, Bedrock, will waive all rent, building expenses, and parking fees from April to May (some instances, up until June) for restaurant and retail tenants of small businesses in downtown Detroit.
Bedrock CEO Matt Cullen said, “It is going to take the entire community to mitigate the effects of this pandemic on the region, and we are happy to do our part to help our portfolio’s most vulnerable businesses weather the storm”.
Small businesses who make $100 million annually qualify for the free rent and expenses for 2 months, while those who earn $80,000 or less in monthly sales can qualify for the full 3 months.
It’s been known that these businesses across the state of Michigan have been hit hard since the COVID-19 crisis. Add to the fact that they’ve been struggling since the executive order on March 16 was announced by Gov. Gretchen Whitmer to close all bars, theaters, gyms, and casinos limiting restaurants to carry-out only service.
The temporary closure was extended through April 13 which added barber shops, hair and nail salons, and other personal service shops. Bedrock’s assistance program, according to Cullen, will amount to millions of dollars in foregone revenue and rent payments.
“We worked really hard as a community to build up this retail ecosystem and we want to nurture that,” Cullen said.
Other firms have been helping out residents amid the crisis. The Michigan Small Business Relief Program starts offering grants up to $10,000 to businesses experiencing financial hardship, as well as low-interest loans of $50,000 – $200,000. TechTown business accelerator is also offering $5,000 emergency assistance grants to businesses with fewer than 10 employees.
Read more about Detroit Free Press’ article here: