Starting at 8 this morning, small businesses and landlords experiencing financial hardship due to COVID-19 can apply for rent relief through the Canada Emergency Commercial Rent Assistance (CECRA) .
It would lower rent by 75% for a three-month period, retroactive to April 2020 and place a moratorium on evictions for three months.
Canada Mortgage and Housing Corporation (CMHC) will administer and deliver the CECRA to small businesses.
According to PM Justin Trudeau, any business owner paying less than $50,000 a month would be eligible for the assistance, including non-profit and charitable organizations.
Premier Doug Ford has issued a stern warning to commercial landlords not opting into the program to NOT force his hand.
For more details, please click here.
Do you own a commercial property and want to provide rent relief for your tenant? #CECRA is available to both mortgaged and non-mortgaged properties.
Find out if you’re eligible: https://t.co/YOoe4p1hb8 pic.twitter.com/tPn3GEJFmm— CMHC (@CMHC_ca) May 22, 2020
If you’re a commercial property owner and have small business tenants struggling to make their rent, you may be eligible for the Canada Emergency Commercial Rent Assistance. Your day to apply depends on your province or territory. Details: https://t.co/xUp1pmbpz7 #COVID19 pic.twitter.com/JODBUzlHDu
— Prime Minister of Canada (@CanadianPM) May 24, 2020