canada rent justin trudeau commerical assistance 75%

Rent for small businesses to be lowered by 75% for April, May and June

Details of the Canada Emergency Commercial Rent Assistance program were announced on Friday.

Small brick and mortar businesses that have been struggling to pay rent since the start of the COVID-19 pandemic will soon see some financial relief. In this morning’s daily briefing, Prime Minister Justin Trudeau shared more information about the recently announced Canada Emergency Commercial Rent Assistance program.

“One thing we’ve heard is that small businesses are having trouble making rent because of COVID-19. If you have had to close up shop because of public health recommendations or if you don’t have a lot of money coming in because people aren’t spending as much these days, you may be worried about your office space, or not having a coffee shop to reopen after this crisis.

“So last week we said that we are planning on introducing the Canada Emergency Commercial Rent Assistance. And today I can announce that we have reached agreement with all provinces and territories to lower rent by 75 per cent for small businesses that have been strongly affected by COVID-19 for April, May and June. The government will cover 50 per cent of that reduction with the property owner covering the rest. If you are a small business that has been strongly affected by COVID-19 and you are paying less than $50,000 per month on rent, you will be eligible to receive this support.

“We will also be there for nonprofits and charitable organizations that are struggling right now. We will have more to say in the coming days about rent support for larger businesses.” ■

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