Prime Minister Justin Trudeau has announced significant rent relief to help businesses that can’t afford to pay their landlords since they’re shut down due to the coronavirus pandemic.
Trudeau says the Canada Emergency Commercial Rent Assistance (CECRA) program will provide a 75% rent cut for affected small businesses paying less than $50K rent/month.
It will cover the months of April, May and June.
The PM says the government will cover 50%, while property owners will take care of the 25%.
Small- and medium-sized businesses, most of them shuttered since mid-March, have been clamouring for relief as the May 1 deadline for their next rent payments looms.
Trudeau is also holding a conference call with provincial and territorial premiers this afternoon to discuss the tragedy unfolding at under-staffed long-term care homes where more than half of Canada’s deaths from COVID-19 have occurred.
Today’s announcement is part of the Government of Canada’s COVID-19 Economic Response Plan, which is addressing the challenges facing Canadians and their employers during this time of global uncertainty.
Help for larger businesses will be announced at a later date.
For more details on CECRA, please click here.
PM Trudeau announces Canada Emergency Commercial Rent Assistance:
—agreement w/ all provinces & territories
—75% rent cut for affected small businesses paying less than $50K rent/month
—covers April, May, June
—govt to cover 50%, property owners to cover 25% #COVID19 #cdnpoli pic.twitter.com/PxYIJFB5gu— CPAC (@CPAC_TV) April 24, 2020