CANADA EMERGENCY COMMERCIAL RENT ASSISTANCE

THE FEDERAL GOVERNMENT OF CANADA HAS JUST ANNOUNCED A NEW RENTAL SUPPORT PROGRAM: the Canada Emergency Commercial Rent Assistant.

The Canadian Government is offering a package that gives property owners a forgivable loan to cover 50% of the monthly rent.

In a move to assist small businesses, non-profits, and charity organizations, the Government of Canada has introduced a package to ensure these organizations have the resources to make it through the COVID-19 pandemic. Landlords will be able to submit their applications starting in mid-May. Further details and eligibility for this package are available below.

Details:
•   75% rent reduction for eligible business tenants
•   Federal and provincial governments will provide forgivable loans to property owners to cover 50% of the monthly rent
•   Property owners will in turn cover 25% of the rent
•   Must agree to a moratorium on evictions
•   Applies to April (retroactively), May, and June

Eligibility:
•   Small businesses, non-profits and charity organizations
•   Available for tenants that pay less than $50,000/month rent
•   Have ceased operations or experienced at least 70% decrease in revenues

Source: Prime Minister announces partnerships with provinces and territories to deliver the Canada Emergency Commercial Rent Assistance for small businesses

 

For clarification on any of the above topics or to discuss them more in detail, please reach out to us at info@varinggroup.com or by phone at 604.565.3478


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HOMELIFE GLENAYRE REALTY COMPANY LTD.

#360 3033 Immel Street, Abbotsford, BC Canada V2S 6S2
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