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ARTICLE · 08 JUNE 2020

Updates Released For CECRA Eligibility, Application And Administration

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The Canada Mortgage and Housing Corporation ("CMHC") has now released further details surrounding the program on its website.

CanadaReal Estate and Construction
Tessa Rowland
Tessa Rowland
Saravan Veylan
Saravan Veylan
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Following Prime Minister Justin Trudeau's announcement regarding the Canada Emergency Commercial Rent Assistance ("CECRA") program in April, the Canada Mortgage and Housing Corporation ("CMHC") has now released further details surrounding the program on its website.

The application portal for CECRA opens on May 25, 2020 at 8:00 a.m. EST and eligible commercial property owners have until the August 31, 2020 deadline to apply. Eligible commercial property owners will receive unsecured, interest-free, forgivable loans for the sole purposes of reducing monthly rent by 75% at minimum owed by impacted small business tenants and to assist in the payment of operating expenses incurred by the owner. All loans granted pursuant to CECRA will be forgiven on December 31, 2020 so long as property owners comply with the program's requirements.

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