75% Small Business Rent Rebate

office building exterior

CBJ — The federal government has reached an agreement with the 10 provinces and three territories to implement a rent assistance program for businesses.

Prime Minister Justin Trudeau says rent will be lowered by up to 75% for eligible small businesses that have been impacted by COVID-19.

The Canada Emergency Commercial Rent Assistance program will be for the months of April, May and June.

The business will pay 25%. The landlord will pay 25% and the federal and provincial governments will combine to cover the other 50%, although it’s expected the federal side will cover the majority of it.

To be eligible for this assistance, businesses must be paying less than $50,000 per month in rent, have had to temporarily cease operations, or have experienced at least a 70% drop in pre-COVID-19 revenues. The program is also being made available to non-profits and charities.

@CanBizJournal

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