After the announcement of the Canada Emergency Commercial Rent
Assistance program (the "Program") in
late April, the details of the Program have now been released and
the application portal for the Program has opened as of May 25,
2020.
The Program is being administered on behalf of the federal and
provincial governments by the Canada Mortgage and Housing
Corporation ("CMHC") and allows property
owners to apply for an interest-free (but only if the loan is
forgiven) forgivable loan equal to 50% of the monthly rent payable
by a qualifying tenant for the months of April, May and June 2020
(the "Eligible Period"), provided that,
among other things, the property owner has entered into a rent
reduction agreement with a qualifying tenant that, among other
things, reduces the tenant's monthly rent throughout the
Eligible Period by at least 75%.
