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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.
๐ธEmergency Commercial Rent Assistance (CECRA)๐ธ
๐๐ญ ๐๐๐, ๐ฐ๐ ๐๐ซ๐ ๐ฆ๐๐ค๐ข๐ง๐ ๐ฌ๐ฎ๐ซ๐ ๐ข๐ญ ๐๐ฅ๐ฅ ๐๐๐ฌ ๐ฎ๐ฉ ๐๐จ๐ซ ๐ฒ๐จ๐ฎ ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐๐ฌ๐ ๐ฎ๐ง๐ฉ๐ซ๐๐๐๐๐๐ง๐ญ๐๐ ๐ญ๐ข๐ฆ๐๐ฌ. ๐๐ก๐๐๐ค ๐๐๐๐ค ๐จ๐๐ญ๐๐ง ๐๐จ๐ซ ๐ง๐๐ฐ ๐ฎ๐ฉ๐๐๐ญ๐๐ฌ ๐๐ฌ ๐ฐ๐ ๐ฐ๐ข๐ฅ๐ฅ ๐๐จ๐ง๐ญ๐ข๐ง๐ฎ๐ ๐ญ๐จ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ ๐ญ๐ก๐๐ฆ ๐๐ฌ ๐๐ก๐๐ง๐ ๐๐ฌ ๐จ๐๐๐ฎ๐ซ. Today, Ryan is discussing the new Emergency Commercial Rent Assistance (CECRA) for Canadians. Here is what the government has to say:๐ 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-19.๐ 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.๐ 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.๐ 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.๐ 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