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.
More to come.
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