After this period commercial tenants will still be liable for rent and, therefore, the UK Government is monitoring the impact on commercial landlord’s cash flow. The measures are included in the Coronavirus Bill.
The Bill also includes new measures to ensure that Business Improvement Districts (BID) are equipped to manage the impact of the crisis on local economies and helping town centres and high streets recover.
The change will come into force when the Coronavirus Bill receives Royal Assent. It will last until 30 June 2020, with an option for the Government to extend if needed. It will apply to England, Wales and Northern Ireland.
This measure will provide companies with an essential safeguard in these highly unusual times as they deal with the impact of coronavirus. This is part of the unprecedented package of support we have put in place to protect jobs and livelihoods right across the country.
It goes without saying that we are in the most uncertain of times. Commercial landlords and tenants have traditionally been adversaries who always knew they had to rely on each other to do business.
The measures brought in by the government in light of the COVID-19 crisis will help landlords and tenants work together to get through this prolonged period of economic uncertainty.
Propertymark members can help both sides by being fully informed about government contingency measures but be aware when offering advice that these measures may change as the crisis continues.
