Make it awkwardly reliant on landlords, administered by the Canada Mortgage and Housing Corporation (CMHC), is the spirit of the small business support program, Canada Emergency Commercial Rents Assistance Program announced today by PM Trudeau in Partnership with the provincial governments.
Small businesses who pay less than 50K in monthly rents, hit by 70% revenue drop comparable to revenues before COVID-19, small businesses, charities and nonprofits starting in mid May, owners of commercial properties will get 50% loans that they do not have to repay if they give 75% discount to tenants from April to June, 2020.
The landlord in turn is expected to offer 75% reduced rents to small businesses, nonprofits, and charities tenant, as well as, follow a strict rule not to evict tenants in order not to forfeit the loan.
In Ontario, the government is calling on a quick action to get the money out to struggling businesses, as well as, calling the federal government on extending rents subsidies for families as well.
A called made loud and clear by Alberta NDP Opposition: “…Extend the eviction ban and provide immediate rental support to Albertans paid directly to landlords to help offset their costs….Issue an emergency rent subsidy to small businesses to a maximum of $10,000, and provide a government backstop of up to $7,500 for landlords who agree to defer rent for three months for businesses during the pandemic…”
At the press conference today, Premier Ford of Ontario added that they are planning to announce plans to re-open the economy next week.
For more information, contact CMHC by mid May, as well as your landlord for the rents subsidies.
