COVID-19 Relief Information
April 3, 2021
The Prime Minister in conjunction with the provincial governments announced the Emergency Commercial Rent Assistance (CECRA) which will lower rent costs by 75 per cent for small business tenants that have been affected by the COVID-19 shutdown. Qualifying commercial property owners will receive forgivable loans, to cover 50 per cent of three monthly rent payments from small businesses facing financial hardship during April, May, June. On June 30th the government announced the extension of the program to include July as well. The CMHC administers CECRA for small business on behalf of the Government of Canada and the Province.
The federal government has confirmed that CECRA is available to all landlords, regardless of whether or not they currently have a mortgage.
For more up-to-date details visit the Canada Mortgage and Housing Corporation website: https://www.cmhc-schl.gc.ca/en/finance-and-investing/covid19-cecra-small-business
As we continue to deal with the COVID-19 pandemic, several programs and initiatives have been launched to help businesses adapt and weather the storm.
April 17, 2020