The application portal for the Canada Emergency Commercial Rent Assistance for small businesses will be available May 25.
CECRA for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. It offers unsecured, forgivable loans to eligible commercial property owners to:
- reduce the rent owed by their impacted small business tenants
- meet operating expenses on commercial properties
Property owners must offer a minimum of a 75 per cent rent reduction for the months of April, May and June 2020.
For more information about CECRA, go to https://www.cmhc-schl.gc.ca/en/finance-and-investing/covid19-cecra-small-business
If you aren’t eligible for CECRA for small businesses, the Government of Canada is offering other supports for businesses and individuals as part of Canada’s COVID-19 Economic Response Plan. For more information, go to https://www.canada.ca/en/department-finance/economic-response-plan.html