OTTAWA, O.N. – Prime Minister Justin Trudeau has announced, Monday, that applications are now being accepted for Canada Emergency Commercial Rent Assistance for small businesses.
According to Trudeau, over the course of the program, property owners will reduce rent by at least 75 percent for the months of April and May, retroactively, and June, for their small business tenants.
The Federal Government says the CECRA will cover 50 percent of the rent, with the tenant paying up to 25 percent and the property owner forgiving at least 25 percent.
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This program is for small business tenants that are paying less than $50,000 per month in gross rent, with annual consolidated revenues of less than $2 million, and that have experienced at least a 70 percent drop in pre-COVID-19 revenues.
Applications are being accepted through the Canada Mortgage and Housing Corporation.