COVID-19 | Canada Emergency Commercial Rent Assistance (CECRA) Update

Today (May 29, 2020) the Government of Canada announced additional details on the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses, which will lower rent by 75 per cent for small businesses that have been most affected by COVID-19.

CECRA for small businesses 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.

In this way, CECRA for small businesses will provide relief for small businesses paying less than $50,000 per month in gross rent that have either been forced to close due to the pandemic or have had their revenues severely impacted by at least 70 per cent. Canada Mortgage and Housing Corporation (CMHC) will administer the program on behalf of the Government of Canada and provincial & territorial partners.

Watch Tyler explain in our newest video below!

You can also visit the Canada Mortgage and Housing Coporation website for more details here.

Stay safe out there.

Canada Emergency Commercial Rent Assistance (CECRA)

On Friday, the Government of Canada announced additional details on the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses, which will lower rent by 75 per cent for small businesses that have been most affected by COVID-19.Watch Tyler explain in our newest video below!

Posted by JMH & Co. on Saturday, May 30, 2020

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