On Friday April 24, 2020, the Federal Government and Prime
Minister Justin Trudeau announced information relating to the
Canada Emergency Commercial Rent Assistance Program
("CECRA"). CECRA for small businesses
provides relief for small businesses experiencing financial
hardship due to COVID-19. It offers unsecured, forgivable loans to
eligible commercial property owners to:
- reduce the rent owed by their impacted small business
tenants
- meet operating expenses on commercial properties.
Property owners must offer a minimum of a 75% rent reduction for
the months of April, May and June 2020.
Today, May 20, 2020, the Federal Government and Prime Minister
Justin Trudeau provided an update on CECRA. Full details about the
CECRA can be found here.
