Small businesses are hit with back rent demands amid high inflation
CBSN
The rent has come due for America's small businesses and at a very inopportune time.
Landlords were lenient about rent payments during the first two years of the pandemic. Now, many are asking for back rent, and some are raising the current rent as well. Meanwhile, most of the government aid programs that helped small businesses get through the pandemic have ended while inflation has sharply pushed up the cost of supplies, shipping, and labor.
Martin Garcia, owner of gift and décor store Gramercy Gift Gallery in San Antonio, Texas, survived the first part of the pandemic in part by paying his landlord whatever rent he could each month. Then in August 2021, after the federal moratorium on evictions ended, his landlord asked for the full amount of back rent that he owed.
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