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.
• 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
• 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
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