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

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Today, Ryan is discussing the new Emergency Commercial Rent Assistance (CECRA) for Canadians. ย Here is what the government has to say:

We 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 program will provide forgivable loans to qualifying commercial property owners to cover 50% 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 small business tenantsโ€™ rent by at least 75% 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% 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% drop in pre-COVID revenues. This support will also be available to non-profit and charitable organizations.

It is expected that CECRA will be operational by mid-May, and further details will be announced soon.

More information can be found on the Canada Mortgage and Housing Corporation website ย here.

Stay safe out there.

๐Ÿ”ธEmergency Commercial Rent Assistance (CECRA)๐Ÿ”ธ

๐€๐ญ ๐‰๐Œ๐‡, ๐ฐ๐ž ๐š๐ซ๐ž ๐ฆ๐š๐ค๐ข๐ง๐  ๐ฌ๐ฎ๐ซ๐ž ๐ข๐ญ ๐š๐ฅ๐ฅ ๐š๐๐ฌ ๐ฎ๐ฉ ๐Ÿ๐จ๐ซ ๐ฒ๐จ๐ฎ ๐๐ฎ๐ซ๐ข๐ง๐  ๐ญ๐ก๐ž๐ฌ๐ž ๐ฎ๐ง๐ฉ๐ซ๐ž๐œ๐ž๐๐ž๐ง๐ญ๐ž๐ ๐ญ๐ข๐ฆ๐ž๐ฌ. ๐‚๐ก๐ž๐œ๐ค ๐›๐š๐œ๐ค ๐จ๐Ÿ๐ญ๐ž๐ง ๐Ÿ๐จ๐ซ ๐ง๐ž๐ฐ ๐ฎ๐ฉ๐๐š๐ญ๐ž๐ฌ ๐š๐ฌ ๐ฐ๐ž ๐ฐ๐ข๐ฅ๐ฅ ๐œ๐จ๐ง๐ญ๐ข๐ง๐ฎ๐ž ๐ญ๐จ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž ๐ญ๐ก๐ž๐ฆ ๐š๐ฌ ๐œ๐ก๐š๐ง๐ ๐ž๐ฌ ๐จ๐œ๐œ๐ฎ๐ซ. Today, Ryan is discussing the new Emergency Commercial Rent Assistance (CECRA) for Canadians. Here is what the government has to say:๐Ÿ‘‰ We 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-19.๐Ÿ‘‰ The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.๐Ÿ‘‰ The loans will be forgiven if the mortgaged property owner agrees to reduce the small business tenantsโ€™ rent by at least 75% 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% of the rent.๐Ÿ‘‰ 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% drop in pre-COVID revenues. This support will also be available to non-profit and charitable organizations.๐Ÿ‘‰ It is expected that CECRA will be operational by mid-May, and further details will be announced soon.More information can be found on the Canada Mortgage and Housing Corporation website here https://bit.ly/3bQkkgV

Posted by JMH & Co. on Thursday, April 30, 2020

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