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ARTICLE · 02 MAY 2020

COVID-19: Cross Country Update (April 24, 2020)

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Under a rent forgiveness agreement, which includes a moratorium on eviction, the mortgaged commercial property owner would reduce the small business tenant's monthly rent by at least 75%.

CanadaCoronavirus (COVID-19)
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Federal

The Government of Canada announced the following measures:

Canada Emergency Commercial Rent Assistance – for all Provinces and Territories

Today, Prime Minister Justin Trudeau announced that the federal government has reached an agreement-in-principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75% for small businesses that have been affected by COVID-19.

Under a rent forgiveness agreement, which includes a moratorium on eviction, the mortgaged commercial property owner would reduce the small business tenant's monthly rent by at least 75%. The tenant would be responsible for covering 25%, the property owner would be responsible for 25%, while the federal government and provinces would share the remaining 50%.

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