Commercial Rent Assistance
CBJ — The federal government is unveiling the Canada Emergency Rent Assistance program in an effort to help struggling companies get by while rent payments accrue but little to no revenue is coming through the front doors. As of now, the program would cover the months of April, May and June.
Prime Minister Justin Trudeau made the announcement during a media briefing in Ottawa.
Trudeau also says there will be loosened criteria for small- and medium-sized companies to qualify for a loan, up to a maximum of $40,000.
The rental assistance program will be rolled out in partnership with the provinces and territories. The program will provide loans, including some forgivable loans, to commercial property owners who are then to either lower or forgo the rent for small businesses during those three months.
Finance Minister Bill Morneau says the government is aware many small business owners are concerned about paying their employees, rent and suppliers during a period when most all trading activity has been shut down. Morneau praised landlords that are already offering renters a grace period to pay.
An essential key to the rental assistance program will be the timeliness in having it set up.