Today we learnt some additional details about the Government’s plan to further support Canadians, specifically small businesses. More details on the Canada Emergency Commercial Rent Assistance (CECRA) were announced today and we wanted to make you aware of.
“We’ve reached agreements with all provinces and territories to lower rent by 75% for small businesses that have been affected by COVID-19 for April, May, and June. The Government will cover 50% of that reduction, with the property owner covering the rest,” Prime Minister Trudeau says.
Some confirmed details:
- This is available to tenants whose rental expenses fall under $50,000 CAN per month
- This is for tenants who have temporarily ceased operations or have experienced at least a 70 per cent drop in pre-COVID-19 revenues (*Please note: How this is measured is unknown)
- The program is available to non-profits and charitable organizations as well
Full details have not been provided and are not expected to be released until mid-May.
We are hopeful that this plan will benefit all those affected within the commercial real estate supply chain. Until we find out more, we believe it is reasonable that tenants who can pay rent, continue to do so, until any Government assistance is applied retroactively.
We encourage everyone to stay connected to the Governments page (Canada’s COVID-19 Economic Response Plan) related to all the supports available, as it is constantly updating.
A reminder that we are in this together – and that together, we will get through this.