Applications for Canada’s small business rent relief open up on May 25th
In his Wednesday morning press conference, Prime Minister Justin Trudeau announced that he was bringing nationwide commercial rent relief. Basically, small businesses that have been affected by COVID-19 are going to get some serious help in dealing with rent.
And more specifically, at least 75% if the landlord and the business meet the eligibility requirements. According to Trudeau, the federal government will be covering 50% of the total amount, while the landlord will be covering the other 25%. Basically, landlords are asked to handle the loss instead of losing tenants.
Today, Prime Minister Justin Trudeau announced that application documents and updated criteria for Canada Emergency Commercial Rent Assistance for small businesses are now available. Learn more: https://t.co/9uxTpNZaOm #COVID19
— CanadianPM (@CanadianPM) May 20, 2020
The rent relief would be provided via forgivable loans, and would cover three months of rent starting in April. So, the government is more or less willing to cover the majority of rent during the worst of the economic shutdown. But, since it ends in June, they’re betting that things will have recovered a bit by then.
Only time will tell! If you’d like to learn more, you can check out the full press release right here.