RENT RELIEF UPDATE
Prime Minister Trudeau announced rent relief to small businesses who can't afford to pay rent because their businesses operations have been curtailed or shut down completely due to covid-19. This relief will be done in partnership with provinces and territories, as they have jurisdiction over rents.
As reported by Global news:
"The Canada Emergency Commercial Rent Assistance for small businesses will provide forgivable loans to qualifying commercial property owners to cover 50 per cent of three monthly rent payments payable by eligible small business tenants 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 pledge 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.
Affected small business tenants are those 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. The program is also available to charities and non-profit organizations."
As details are revealed the CJA will update our members.
The Retail Council of Canada (RCC) is allowing non-members to participate to their webinars. An opportunity not to miss. If you're not a member, you can email them at email@example.com to register.
Every week on Mon, Wed, Fri, until May 08, 2020, 7 occurrence(s)
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