Canadian Covid-19 Government Updates - April 24, 2020
Federal Government Update - April 24, 2020
Canada Emergency Commercial Rent Assistance
Today, the federal government announced commercial rent support for small business in conjunction with the provincial government. We are still expecting additional details, we will keep you informed as updates become available.
The government is offering qualifying commercial property owners forgivable loans through the Canada Mortgage and Housing Corporation (CMHC).
Eligible landlords who have already stepped up and offered 75% reduction or more for April or May or would like to retroactively do so can apply.
- 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
Application: Landlords will be able to apply mid-May.
*With the 1st of the month around the corner, the government is asking landlords to be flexible.
Larger Businesses: More information on rent support for larger businesses to come soon.