The federal commercial rent relief program opened for applications Monday (May 25), as officials urged landlords to apply.
The Canada Emergency Commercial Rent Assistance (CECRA) will see government cover 50 per cent of the rent, with tenants paying 25 per cent and landlords forgiving another 25 per cent. Property owners must also offer a 75 per cent discount on rent for the months of April, May and June to qualify. Small business tenants must pay no more than $50,000 in gross monthly rent per location, generate no more than $20 million in gross annual revenues and have had a 70 per cent drop in revenues due to COVID-19. The application portal is available here: https://www.cmhc-schl.gc.ca/en/finance-and-investing/covid19-cecra-small-business.
Speaking at a Monday press conference, Treasury Board president Jean-Yes Duclos said landlords should apply for the program because if the evict tenants they will get no rental income, versus 75 per cent of the reduced rent from government and their tenants.
The program will be phased in day by day. Property owners with up to 10 tenants in B.C., Alberta, Atlantic Canada and Quebec can apply Monday, while other provinces and territories can apply throughout the week. Property owners in those provinces with more than 10 tenants can apply on Thursday, while the applications will be open to all regions on Friday.
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