Support for Small Business Tenants and Landlords Now Available
Ontario commercial landlords can apply for urgent rent assistance through Canada Emergency Commercial Rent Assistance for small businesses
May 29, 2020 All commercial landlords in Ontario can now apply for rental assistance to help their small business tenants impacted by the COVID-19 pandemic. This initiative will keep more small businesses in operation and more people employed as the province gradually and safely restarts the economy.
The Ontario government, in partnership with the federal government, has launched the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. To find out how much rent support you may be eligible for, visit Ontario.ca/rentassistance.
The CECRA for small businesses, administered by the Canada Mortgage and Housing Corporation (CMHC), provides forgivable loans to eligible commercial landlords to help cover 50 per cent of commercial rent for tenants for the months of April, May and June 2020. The tenant will be responsible for covering up to 25 per cent of rent, so that up to 75 per cent of the rent is covered.
To receive the forgivable loan, eligible commercial landlords will be required to enter into a rent reduction agreement with their impacted small business tenants for April to June 2020, which includes committing to a moratorium on evictions for three months.
To learn more and apply for the CECRA for small businesses, visit the Canada Mortgage and Housing Corporation's (CMHC) application portal.
For more information refer to the Premier's News Release here.
May 25, 2020 Canadian families and small businesses across the country are feeling the impacts of COVID-19. That’s why the Government of Canada is working with provinces and territories to protect jobs and businesses, and give property owners support so they can help small business tenants make it through these difficult times.
Prime Minister, Justin Trudeau, today announced that applications are now being accepted for Canada Emergency Commercial Rent Assistance (CECRA) for small businesses.
Over the course of the program, property owners will reduce rent by at least 75 per cent for the months of April and May (retroactive), and June, for their small business tenants. CECRA will cover 50 per cent of the rent, with the tenant paying up to 25 per cent and the property owner forgiving at least 25 per cent.
Applying for CECRA makes financial sense for property owners, as their success depends on the success of their tenants. If a tenant declares bankruptcy and is evicted, the property owner receives zero rental income and faces additional costs while they search for new tenants. With this program, property owners will continue to receive income, and small business tenants will receive the help they need to recover and come back after the pandemic.
CECRA is another measure announced by the Government of Canada to provide important relief for small businesses experiencing financial hardship, and help keep Canadians on the payroll.
For more information refer to the Prime Minister's News Release here.
Apply for Emergency Commercial Rent Assistance here.