Canada Emergency Commercial Rent Assistance Program
April 24, 2020 update: The rent relief plan, to be funded jointly with the provinces, will provide non-repayable loans to commercial property owners to cover 50 per cent of rent payments for April, May and June.
The loans will be forgiven if the property owner agrees to cut the rent by at least 75 per cent for those months and promises not to evict the tenant. The small business tenant must cover the remaining portion of the rent, which would be up to 25 per cent.
To qualify, small business tenants must pay less than $50,000 a month in rent. They also must have experienced a revenue decline of at least 70 per cent from pre-COVID-19 levels, or they must have been forced to close down because of pandemic restrictions.
Non-profit and charitable organizations are also eligible.
April 16, 2020 Update: Trudeau also announced a new Canada Emergency Commercial Rent Assistance program, which will help small businesses pay their rent for April through June. More details will be on the way after the federal government convenes with individual provincial leaders.