Transport for London is to give all small to medium businesses on its estate 100% rent relief for three months, starting from 25 March.
SMEs make up 86% of its occupiers.
TfL’s property managers will also talk to larger businesses on its estate to see what support they may need.
TfL is also suspending any ongoing negotiations on rent reviews and lease renewals and will give existing tenants longer to pay any rent outstanding.
Mayor of London Sadiq Khan said: “We are determined to do whatever we can to help them through these difficult times – that’s why TfL is rolling out these measures to support its tenants, alongside support being provided by my London Growth Hub. We face serious challenges in the coming weeks and months but I know that as a city we will come through this together.”
London transport commissioner Mike Brown said: “The majority of these businesses are small and medium enterprises, who will be particularly hit by the drop in footfall across London – my team and I will continue to review what support we are providing. If any of them need further support, please do get in contact with us.”
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