NOKTogether | Commercial Rent Program Strengthened

B.C. businesses eligible for rent support from the federal government will be protected from evictions as the B.C. government issues a new order under the Emergency Program Act (EPA).

Eligible businesses whose landlords choose not to apply for the federal CECRA program will be protected from evictions due to unpaid rent payments through to the end of June 2020, as determined by the federal program timelines.

The EPA order restricts the termination of lease agreements and the repossession of goods and property.

The CECRA program provides relief for small businesses experiencing severe financial hardship due to Covid-19. It offers forgivable loans to eligible commercial property owners to reduce the rent owed by their impacted small business tenants and to 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. The CECRA loans to landlords will be forgiven if the landlord complies with program terms and conditions, including an agreement to not recover forgiven rent amounts when the program is over.

The emergency order restricting evictions is effective immediately.

To apply for the Canada Emergency Commercial Response Benefit, visit: https://www.cmhc-schl.gc.ca/en/finance-and-investing/covid19-cecra-small-business

%d bloggers like this: