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Eight Must Reads for the CRE Industry Today (Oct. 8, 2020)

The loan forgiveness process for the small business loans has drawn complaints from the Government Accountability Office, according to Reuters. Ruby Tuesday has filed for Chapter 11, reports Boston Restaurant Talk. These are among today’s must reads from around the commercial real estate industry.

  1. Trump Pushes for Some Covid Relief After Shutting Down Stimulus Talks “President Trump renewed calls for Congress to pass individual coronavirus relief measures, including more aid for airlines and direct checks for many Americans, after he halted negotiations with Democrats on a larger package until after the election.” (Wall Street Journal)
  2. U.S. Starts Forgiving Pandemic Loans Amid Criticism, Uncertainty “As the U.S. government this month begins allowing small businesses to not repay their loans from a $525 billion pandemic relief plan, shifting the cost to American taxpayers, the process and the agency overseeing it have come under blunt criticism by the Congressional watchdog agency.” (Reuters)
  3. America’s Largest Landlord Adds $1 Billion for Its House Hunt “Real-estate investors have a mountain of money looking for a home. Lately a lot of it is ending up in suburban single-family houses.” (Wall Street Journal)
  4. Will SoHo Be the Site of New York City’s Next Battle Over Development? “Mayor Bill de Blasio wants to rezone SoHo to accommodate new affordable housing in a wealthy, white neighborhood.” (The New York Times)
  5. Ruby Tuesday Files for Chapter 11 Bankruptcy “A national chain of casual family-friendly restaurants that has been hit particularly hard by the pandemic has declared bankruptcy.” (Boston Restaurant Talk)
  6. Shoppers Return to Ikea and Other Furniture Stores In Droves “Shoppers are flocking to Ikea and other furniture stores even more than they did last fall, new foot traffic data shows.” (Commercial Observer)
  7. Chapter 11 Filings Have Risen 33% This Year “Chapter 11 filings are increasing at an alarming rate.” (GlobeSt.com)
  8. How COVID-19 Has Altered the Lending Process: Q&A “Lenders are definitely showing a preference for certain asset classes, according to Black Bear Capital Partners Principals Matthew Stearns and Scott Modelski.” (Commercial Property Executive)
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