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I Have a Concession: How COVID-19 May Impact Lease Accounting
Posted by Chrissy Hammond on Tue, May 5, 2020 @ 01:09 PM

The COVID-19 pandemic brought swift consequences for many industries, particularly for those in the retail and in the hospitality space. Foot traffic all but stopped as state, local, and federal governments recommended shelter-in-place ordinances. Sudden drops in demand may have left many businesses with difficult decisions about how to pay routine expenses, including how to make lease payments. Property owners then also faced difficult choices about what to do with the leases that could not be paid during the pandemic, and as a result, many made concessions to their arrangements, including lease payment forgiveness and payment deferral.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, lease concession, lease accounting

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