ARTICLE · 15 MAY 2020

More Details Today, April 24, 2020, From Trudeau On CECRA / Commercial Rent Relief Program

Lawson Lundell LLP

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Under the voluntary program, loans will be provided through Canada Mortgage and Housing Corporation (CMHC) to qualifying commercial landlords to cover 50% of rent payments.

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Andrew Mildenhall

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Further to our previous blog post, Prime Minister Trudeau announced today further details regarding the Canada Emergency Commercial Rent Assistance Program (CECRA). Details of the announcement can be viewed here.

Under the voluntary program, loans will be provided through Canada Mortgage and Housing Corporation (CMHC) to qualifying commercial landlords to cover 50% of rent payments for April, May and June, 2020. It is still not clear as to whether this applies to basic rent or gross rent and also as to whether these loans will need to be secured.

For a tenant to qualify it must:

pay less than $50,000 a month in rent; and
either: (i) have experienced a decline in revenue of at least 70% from pre-COVID-19 levels; or (ii) have temporarily ceased business operations.

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