Skip to content
Canadian Rental Association Logo
  • FRANÇAIS
  • COVID-19 Updates
  • FIND A MEMBER
    • Members/Rental Stores
    • Associate Members
  • ONLINE BUYERS’ GUIDE
  • CRA SOURCE
  • MEMBERS ONLY
  • MEMBERSHIP & BENEFITS
    • Join Now
  • EVENTS
  • SHOP
    • Ready to Go Tags
  • ABOUT US
    • News
    • Board of Directors
    • Staff
    • Contact Us
  • JOIN NOW!
FacebookInstagram
905-643-2333
info@crarental.org

NEW ANNOUNCEMENT CECRA

Home/News/COVID-19 Updates/NEW ANNOUNCEMENT CECRA
Previous Next
NEW ANNOUNCEMENT CECRA

NEW ANNOUNCEMENT CECRA

The Prime Minister, Justin Trudeau, today announced that the federal government has reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75 per cent for small businesses that have been affected by COVID-19.

 

The government is also providing further details on the program:

·         The program will provide forgivable loans to qualifying commercial property owners to cover 50 per cent of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.

·         The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75 per cent for the three corresponding months under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25 per cent of the rent.

·         Impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70 per cent drop in pre-COVID-19 revenues. This support will also be available to non-profit and charitable organizations.

 

The government continues to assess and respond to the impacts of COVID-19, and stands ready to take additional actions as needed to stabilize the economy and mitigate the impacts of the pandemic.

2020-04-24T17:15:38+00:00April 24th, 2020|COVID-19 Updates, News|

Share This Story, Choose Your Platform!

FacebookTwitterPinterestVkEmail

Search

  • Popular
  • Recent
  • Comments
  • NEW ANNOUNCEMENT CECRA
    April 24th, 2020
  • Survey Results- Week of April 9th
    April 24th, 2020
  • IMPORTANT COVID-19 NEW FUND ANNOUNCEMENT
    May 14th, 2020
  • Q2 Canadian Rental Forecast Press Release
    August 5th, 2022
  • Press Release Q4 2021 Canadian Rental Forecast
    February 7th, 2022
  • Press Release- Q3 Canadian Rental Forecast
    November 16th, 2021
  • No comments have been published yet.

Archives

  • August 2022
  • February 2022
  • November 2021
  • March 2021
  • January 2021
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • December 2019
© Copyright    |   Canadian Rental Association  |   All Rights Reserved    |    Powered by Membee    |    Privacy Policy
FacebookInstagram
Page load link
  • ENGLISH
  • FRANÇAIS
Go to Top