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Illustration: Aïda Amer/Axios

Small businesses can lay off or furlough employees if they are forced to close for the duration of a lockdown. They can stop buying goods from vendors. They can even stop paying their owners. But they still owe rent.

The big picture: If no money is coming in, then most businesses won't write those rent checks. Some will simply fall behind; others will take advantage of formal rent moratoriums. Either way, the problem just gets kicked down the road, creating a nasty past-due rent liability.

What to watch: France has announced that it will suspend rent and utility bills for small businesses. So far, that doesn't seem to be something the White House is considering.

  • Few if any U.S. landlords will be willing or able to start eviction proceedings in the midst of the crisis. But once businesses start to reopen, nearly all of them will try to collect on back rent.
  • In the case of small businesses paying below-market rents on a long-term lease, the landlord could get quite aggressive.

The bottom line: At some point, the U.S. government will have to step in to adjudicate these disputes. It might even have to pay some of the back rent itself. Or, it could follow hedge fund manager Bill Ackman's advice and just give everybody in the country a 30-day rent holiday.

Go deeper: The investor's guide to coronavirus

Go deeper

Jan. 6 select committee subpoenas four Trump aides

Photo: Alex Wong/Getty Images

The Jan 6. select committee investigating the deadly Capitol riot has subpoenaed four aides to former President Trump for testimony and documents.

Why it matters: Former White House chief of staff Mark Meadows, former communications official Dan Scavino, former Defense Department official Kash Patel, and former Trump advisor Steve Bannon were all in touch "with the White House on or in the days leading up to the January 6th insurrection," the committee said in a release.

U.S. friends in Latin America are turning to China

Illustration: Shoshana Gordon/Axios

The U.S. is losing Latin America to China without putting up a fight, Ecuador’s ambassador to Washington told Axios, laying bare her frustrations with early inattention from the Biden administration.

Why it matters: Ecuador isn't alone. China has deepened its engagement in the region, and it's now the top trading partner for many of the region's largest economies. That gives Beijing considerable leverage in a region historically dominated by the U.S., and makes Latin America a major frontier in the global competition for influence.

1 dead, 14 injured in shooting at Kroger grocery store near Memphis

One person was killed and 14 others were injured Thursday in a shooting at a Kroger grocery store in Collierville, Tenn., near Memphis, the town's spokesperson Jennifer Casey said, per CNN.

What they're saying: "I've been involved in [police work] for 34 years and I have never seen anything like [this]," Police Chief Dale Lane said at a press conference.