Federal government offers 75% rent relief for small businesses

empty-store-in-Montreal-min

75% rent relief for small businesses – Today at Rideau Cottage, Prime Minister Justin Trudeau announced the details of the Canada Emergency Rent Assistance program that was hinted at on Thursday, April 16. The new program will provide small businesses that pay less than $50,000 month or less in rent with a 75% rent reduction.

75% rent relief for small businesses

Under the CERA program, Commercial property owners will receive forgiveable loans covering 50% of the rent in exchange for a rent reduction of 75% for the months of April (retroactive), May, and June.

What this means for small businesses, charities and non-profits is that they are only required to pay 25% of their rent during the COVID-19 crisis. The federal government will cover 50% of the rent, and the property owners will cover 25% of the rent.

To qualify, the businesses must be paying less than $50,000 per month in rent and to have temporarily ceased operations, or have experienced at least a 70-per-cent drop in pre-COVID-19 revenues.

To receive the loan, the mortgaged property owner must be on board by agreeing to reduce the eligible small business tenants’ rent by at least 75 per cent for the three corresponding months under a rent forgiveness agreement, which will also include a pledge not to evict the tenant while the agreement is in place.

To launch this program the federal government needed the provinces and territories on board, and they have agreed to share total costs and ensure implementation of the program. They will cover up to 25 per cent of costs, subject to terms of agreements with Ottawa.

The CERA will be administered by the federal Canada Mortgage and Housing Corp.

The new program to help small businesses will be fully operational by mid-May, said Canada’s PM, which means commercial property owners will be lowering the rents of their small business tenant’s payable retroactively for the months of April and May, and then active for the month of June.

story by Terry Lankstead – totimes.ca

Other articles by mtltimes.ca and totimes.ca

COVID-19: Virtual and reduced in-person Parliament

gradual return of real estate activities

Quebec Government announces a gradual return of real estate activities

Facebook
Twitter
LinkedIn
Email
Is it possible to get an A for a 5-paragraph essay assignment in 1 hour? We can safely say yes, a student can get an A+ mark if he turns to EduJungles


staycation

The ultimate guide to planning a long family staycation in Canada

To guarantee that everyone has an amazing time, careful planning is necessary when organizing a lengthy staycation. Here’s the ultimate guide to planning your family staycation in Canada. Canada, with its vast landscapes, diverse cities, and rich cultural heritage, offers endless possibilities for a memorable family staycation. Whether you’re exploring the stunning natural beauty of

Meal kits

Cost vs. Convenience: Analyzing meal kits and traditional cooking

In this modern world and modern times, convenience often takes priority over cost, especially when it comes to food. Meal kits and traditional cooking represent two different approaches to home dining, and each of them has advantages and disadvantages. Analyzing these methods through the lens of cost and convenience provides insight into why individuals might

Condo renovations

Condo renovations Dos and Don’ts: Expert Tips for a Successful Project

Embarking on a condo renovations journey can be both exhilarating and daunting. Imagine transforming your living space into a stylish haven that reflects your personality and meets your needs. While exciting, the process can be full of challenges and unforeseen hiccups. That’s why we’ve gathered some condo renovation dos and don’ts from the experts to

Terrific Hair

Terrific Hair Means Tamanu – Earth to Body

Curly, straight, thick, thin, kinky or silky, tamanu loves and makes terrific Hair.  And scalps. Nutritionally dense yet gentle, tamanu is an effective and versatile nut oil. It stimulates, helps promote growth. prevents hair loss, reduces scalp itch and irritations and adds a natural sheen! Make tamanu a part of your hair and scalp care

Understanding the 4 legal process after a DUI Crash

A single mistake can have serious consequences, especially when driving under the influence. The aftermath of a DUI crash extends beyond physical harm and property damage. It involves a complex legal process that may feel overwhelming. As a responsible citizen, it’s vital to grasp the legal system and your rights in such situations. This blog

personal injury lawyer

Pedestrian accident: How a personal injury lawyer can help you

Accidents involving pedestrians can be life-altering. You could be walking down the street or crossing a street. A vehicle’s sudden impact can change everything right away. If you’ve found yourself in such a situation, you might be wondering how to move forward. This is where a personal injury lawyer steps in, offering crucial help and

Mtltimes Subscription

The latest on what’s moving Montreal and the world – delivered straight to your inbox