Government Announces Commercial Rent Relief For Qualifying Businesses
Posted on April 29, 2020
In a new publication, C. Nicole Mangan, Leader of our Commercial Leasing Practice, outlines details of a commercial rent relief program for small businesses as announced by the Federal Government. The Canada Emergency Commercial Rent Assistance (CECRA) plan, in the form of a forgivable loan, will assist some commercial landlords and tenants with rent relief.
The program will be administered by Canada Mortgage and Housing Corporation. Although the program was announced by the federal government, it is based on an agreement in principle with the provincial and territorial governments to have them cover 25% of the cost of the program. The remaining 75% of the cost will be covered by the federal government.
The her publication, Nicole explains how much rent is covered, who is eligible and when the relief will be available. Read the full article here.