A closed store front boutique business called Francis Watson pleads for help displaying a sign in Toronto on Thursday, April 16, 2020. Prime Minister Justin Trudeau says the federal government is expanding a loan program for small businesses suffering from the COVID-19 pandemic and is working on a new support for companies having trouble paying rent.THE CANADIAN PRESS/Nathan Denette

Trudeau unveils forgivable loans for landlords in small business rent relief program

Program will see government cover 50% of rent

The prime minister unveiled a forgivable loan program for landlords who take part in the Canada Emergency Commercial Rent Assistance program on Wednesday (May 20).

The CECRA program was first announced in April. To qualify, landlords must offer a 75 per cent rent reduction to their small business tenants for the months of April, May and June. In exchange, government will cover 50 per cent of the rent payment, tenants must pay 25 per cent and the commercial landlord must forgive 25 per cent.

Businesses must pay no more than $50,000 in gross monthly rent per location, generate no more than $20 million in gross annual revenues and have had a 70 per cent drop in revenues due to COVID-19.

Prime Minister Justin Trudeau said applications for the program would open May 25.

READ MORE: Businesses hard-hit by COVID-19 to get 75% in rent cost relief

READ MORE: Trudeau unveils rental assistance for small businesses, loosens loan qualifications

More to come.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

When crisis hits: How West Shore RCMP have dealt with the pandemic

More front-line officers on road in mobile offices

Sidney staff recommends additional outdoor seating for restaurants and cafes

Report before council also leaves open possibility of closing a portion of Beacon Avenue

French fries to juicy tomatoes, rock art brings joy to walkers in Victoria

James Bay yard filled with painted rocks delights all ages

‘Depression-era’ unemployment figures could hit Greater Victoria

South Island Prosperity Project launches new dashboard to measure effects of COVID-19

Langford bartender hosts singalong livestream for seniors

Live Senior Singalong takes place daily at 1 p.m. on Facebook

LIVE: Procession to honour Snowbirds Capt. Jennifer Casey comes to Halifax

Snowbirds service member died in a crash in Kamloops one week ago

RCMP facing ‘systemic sustainability challenges’ due to provincial policing role

Provinces, territories and municipalities pay anywhere from 70 to 90 per cent of the cost of the RCMP’s services

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

One man dead after standoff with Chilliwack RCMP

The Independent Investigations Office of B.C. is investigating the RCMP’s role in the death

B.C. employers worry about safety, cash flow, second wave in COVID-19 restart

A survey found 75 per cent of businesses worry about attracting customers

Ex-BC Greens leader Andrew Weaver says province came close to early election

Disagreement centred on the LNG Canada project in northern B.C.

Canada’s NHL teams offer options to season-ticket holders

Canadian teams are offering refunds, but also are pushing a number of incentives to let them keep the money

B.C. premier says lessons to learn from past racism during response to pandemic

B.C. formally apologized in the legislature chamber in 2008 for its role in the Komagata Maru tragedy

Snowbirds to remain at Kamloops Airport indefinitely after fatal crash

small contingent of the Snowbirds team is staying in Kamloops, acting as stewards of the jets

Most Read