Detroit Billionaire Throws Businesses a Lifeline

Dan Gilbert's real estate firm won't charge rent for 2 or 3 months
By Newser Editors,  Newser Staff
Posted Mar 23, 2020 2:48 PM CDT
Detroit Billionaire Throws Businesses a Lifeline
This Dec. 5, 2019, photo shows the Detroit skyline.   (AP Photo/Carlos Osorio, File)

Good news for many Detroit small businesses that are sweating over how to make rent. The downtown's largest landlord is doing away with rent, building expenses, and parking fees for April and May. Some—those whose monthly sales total $80,000 or less—will qualify in June as well, reports the Detroit Free Press. The move comes from billionaire/Cleveland Cavaliers owner Dan Gilbert and his Bedrock real estate firm, which claims 125 retailers/restaurants and 210 office tenants in the city.

MLive reports its biggest include the likes of Quicken Loans, Microsoft, H&M, and Shake Shack. Any business with less than $100 million in annual sales will qualify for the 2-month reprieve. Bars, gyms, salons, personal-service businesses, and restaurants (except for takeout) have been closed since last week; the closure will run through at least April 13. (Read more Detroit stories.)

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