Forgivable loans for landlords to encourage the Canada Commercial Rent Assistance program

In this morning’s daily briefing, Prime Minister Justin Trudeau announced that landlords will be eligible for forgivable loans in order to encourage them to apply for Canada Emergency Commercial Rent Assistance (CECRA) program for their business tenants that have been affected by COVID-19.

“Paying rent on your space might be a problem right now,” Prime Minister Trudeau said. “We hear that, so we are taking action. We are creating the Canada Emergency Commercial Rent Assistance program. This benefit will provide forgivable loans to landlords so that they can reduce by 75 per cent the rent for small business tenants that have lost the majority of the revenue because of COVID-19. If you are a landlord, and you and your tenants are eligible, please apply. Go to CMHC.ca to get the details on what information you will need when the application portal opens starting May 25. Once this launches you will receive your relief quickly.”

“Our government, along with the provinces and territories will cover 50 per cent of the rent. We are asking that landlords absorb 25 per cent and tenants pay the rest with the support of programs like the CEBA. For larger retailers, we are also working on a new support and will have more details to share soon.”

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About Cult MTL

Cult MTL is a daily web and monthly print publication focusing on Montreal music, arts, culture and city life. Along with interviewing local and visiting artists, promoters and entrepreneurs, we feature analysis and criticism by our editorial staff and crew of columnists and freelancers, compile comprehensive event listings, curate a daily To-Do List and run the annual Best of MTL readers poll.