Trudeau announces opening of CECRA, COVID-19 Rent Relief. CECRA will provide relief for small businesses
Today Prime Minister Trudeau, announced that the application process and criteria for the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses are now available and that the program will be opened for applications beginning on May 25.
“Canadians want to know that their jobs are protected and their families are safe and healthy. That’s why we’re stepping up to provide support that will keep workers on the payroll, protect middle class jobs, and help Canadians recover quickly once we make it through these difficult times.”The Rt. Hon. Justin Trudeau, Prime Minister of Canada
The Government has been focusing on safeguarding workers’ jobs as the country continues to deal with the COVID-19 pandemic. Last month the federal government reached an agreement in principle with all provinces and territories to implement CECRA. This program will provide forgivable loans to eligible commercial property owners, who in turn will give a rent reduction of at least 75 per cent for April and May (retroactive), and June, to their small business tenants.
This program provides property owners the opportunity to do their part in helping small businesses and their employees succeed in these challenging times. We’re all in this together, and that’s why the government is stepping up to provide rent relief to businesses, while helping property owners maintain rental income through this crisis.
CECRA will provide important relief for small businesses experiencing financial hardship, and is another measure that helps businesses keep Canadians on the payroll. Applications will be accepted through the Canada Mortgage and Housing Corporation website beginning on May 25, and application documents can be accessed now.
The COVID-19 pandemic continues to have a profound impact on Canadians. With CECRA, the Government of Canada is stepping up to support Canada’s small businesses.
The forgivable loans will significantly lower the rent for small business tenants and keep them prepared to bounce back when this crisis subsides.”The Hon. Bill Morneau, Minister of Finance
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