COVID-19: Feds announce a 75 percent rent reduction
for small businesses impacted by the virus.
Published April 24th, 2020
Prime Minister Justin Trudeau has announced significant rent relief for businesses that can’t afford to pay their landlords at a time when their operations are shut down due to the COVID-19 pandemic.
The federal help, expected to lower rent by 75 percent for affected small businesses, will be provided in partnership with the provinces and territories, which have jurisdiction over rents.
The Canada Emergency Commercial Rent Assistance for small businesses will provide forgivable loans to qualifying commercial property owners to cover 50 percent of three monthly rent payments payable by eligible small business tenants experiencing financial hardship during April, May, and June.