Support for Small Business Tenants and Landlords Now AvailablePublished on May 29, 2020
Small businesses are experiencing real financial pressures during the COVID-19 outbreak and are struggling to pay rent as a result. Our government is acting to ease the financial pressures faced by small businesses and property owners.
The government is committing $241 million to partner with the federal government and deliver more than $900 million in urgent relief to small businesses and their landlords through a new program, the Canada Emergency Commercial Rent Assistance Program (CECRA). This investment is part of Ontario’s Action Plan: Responding to COVID-19, a $17 billion response package to provide support to people and businesses.
The CECRA is administered by the federal government, under the Canada Mortgage and Housing Corporation (CMHC), and provides forgivable loans to eligible commercial property owners experiencing potential rent shortfalls because their small business tenants have been negatively impacted by COVID-19. To receive the loan, property owners will be required to reduce the rental costs of small business tenants from April to June 2020 by 75 per cent and commit to a moratorium on evictions for three months.
Ontario will continue to work with our partners to stop the spread of COVID-19 and provide immediate support for people and jobs.
For additional information, click here.
For the CMHC Application Portal, click here.
Rent Assistance Calculator: Ontario.ca/rentassistance