McDermott Comment | Business & Landlords Call for Introduction of Property Bounceback Grant
Tom Calnan, partner at law firm McDermott Will & Emery, said:
“Whilst understandably the primary focus of government support packages thus far during the crisis has been to prop up business tenants, unfortunately this has been of little comfort to many of our landlord clients whose rental income streams have been adversely impacted by Covid-19. This includes property-owning pension funds, and so the reality is that this will potentially hit the public hard, down the line.
We expect that the proposal put forward for “Property Bounceback Grants” will be a welcome relief to landlords, especially within the hospitality, retail and leisure sectors who have been disproportionately impacted by the crisis. The September quarter date for payment of rent is fast approaching and without government support or meaningful remedies for landlords, we may see lasting damage to the commercial property sector.”