Canada Emergency Commercial Rent Assistance program released
We have now the details on the Canada Emergency Commercial Rent Assistance that the Prime Minister’s Office had released.
First and foremost, this is a loan program.
Businesses will be able to apply for amount to cover 50% of their three monthly commercial rent payments during April, May and June.
Of course, the most important part is always whether you qualify, your business will be eligible if:
- You are paying less than $50,000 per month in rent
- You have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID-19 revenues.
With you landlord’s cooperation, the loans could be forgiven if the mortgaged property owner agrees to reduce the your rent by at least 75% for the three corresponding months under a rent forgiveness agreement, which will include a pledge not to evict the tenant while the agreement is in place.
Which means your business will have to cover the remainder, up to 25% of the rent.
We will get update with details on how to apply for this as get them.
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