Emergency Commercial Rent Relief Extended Through July
The Canadian Emergency Commercial Rent Assistance Program (CECRA), which provides forgivable loans to eligible commercial property owners experiencing potential rent shortfalls due to COVID-19, for the months of April and May and June, has now been extended through July.
Only Landlords can apply for CECRA through an online portal, until August 31, 2020.
Eligible property owners must offer a minimum of a 75% rent reduction for the months of April – July 2020 and will be provided forgivable loans worth 50% of the value of the small business’ rent each month. To apply, the Landlord must include several pieces of information, attestations and agreements including a Rent Reduction Agreement, Forgivable Loan Agreement.
Eligible small businesses pay no more than $50,000 in monthly gross rent per location, generate no more than $20M in gross annual revenue and have experienced at least a 70% decline in pre COVID-19 revenues.
Only those tenants approved in the April, May and June application are eligible for the July extension.
Key details of the program: