On May 29, 2020, the BC government introduced legislation that
impacts all commercial landlords that do not participate in the
Canada Emergency Commercial Rent Assistance program
("CECRA").
CECRA offers rent assistance to small business tenants
("Impacted Tenants") that have experienced a reduction of
70% or more in business revenues due to COVID-19, provided certain
program criteria are met.
One of those criteria is that, for the months of April, May and
June 2020, an eligible commercial landlord enters into an agreement
with an Impacted Tenant to (1) reduce rent by at least 75% and (2)
not evict the Impacted Tenant (a "Rent Reduction
Agreement").
Consequences for Landlords
