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

Non-venomous ball python missing in Vic West

Snake was reported missing to Victoria police Tuesday morning

Multiple Victoria officers injured during violent incidents, including mental health calls over long weekend

Police deploy pepper spray, conducted energy weapon while arresting suspect

Saanich police search for potential victims, witnesses after series of unprovoked assaults

Police are looking for more information about two incidents from June 12

Crews respond to medical incident on West Saanich Road

Incident appears to be cleared, witnesses say

Pay cuts, seating charts, COVID screening: How one Sidney venue is bringing back concerts

A growing number of bars and restaurants are welcoming back musicians under COVID-19 precautions

B.C. records 146 new COVID-19 cases through long weekend

More that 28 people tested positive for the virus each day since Friday

Two people die in propane heated outdoor shower near Princeton

Couple was attending a long weekend gathering

Alberta to require masks at schools this fall, but still no mandate in B.C.

B.C. students are also set to return to classrooms in September

B.C. to allow customers to buy cannabis online for in-store pickup at private shops

Age verification will still be required inside the store

30% of British Columbians would ‘wait and see’ before taking COVID vaccine: poll

Some are concerned about side effects, while others don’t think the virus is a big deal

Don’t leave your hand sanitizer in the sun and other tips to stay COVID safe this summer

Being mindful of staying outside and keeping hand sanitizer, sunscreen out of the sun recommended

What exactly is ‘old growth’ B.C. forest, and how much is protected?

Forests minister Doug Donaldson doesn’t support ‘moratorium’

Most Read