More financial relief is on the way for Canadian small businesses.
Today, Prime Minister Justin Trudeau said paying rent on your space as a small business owner may be a problem currently, so the government has created the Canada Emergency Commercial Rent Assistance Program.
The program can reduce 75 percent of the rent cost for those who have lost most of their income due to Covid-19.
Trudeau says it will do this by providing forgivable loans to landlords.
“This benefit will provide forgivable loans to landlords so that they can reduce by 75 percent, the rent for small business tenants that have lost the majority of their revenue because of Covid-19,” he said. “If you are a landlord and you and your tenant are eligible, please apply.”
Trudeau says to visit CMHC.CA to get more details so you are ready when the application portal opens May 25th
Following the application process, you should receive your relief quickly.
The PM also said more announcements on increased aid for Canada’s large corporations will be announced in the near future.
The Canada Emergency Commercial Rent Assistance for small businesses will soon be available. Check out what documents you need to get your application ready: https://t.co/ZK4EUQ1POl pic.twitter.com/ebmiyUgRe6
— CMHC (@CMHC_ca) May 19, 2020
I’m giving an update on the steps we’re taking to keep more businesses open and more Canadians working. Tune in now for more on what we’re doing to help business owners and workers across the country: https://t.co/TglP8z0Fzo
— Justin Trudeau (@JustinTrudeau) May 20, 2020
To view Justin Trudeau’s full May 20th address, see below.
https://www.cpac.ca/en/direct/cpac2/458646/pm-justin-trudeau-provides-update-on-federal-response-to-covid-19-37/