May 25th, 2020
Cornwall, Ontario – The Canada Emergency Commercial Rent Assistance program (CECRA) that was announced a few weeks ago has now opened for applications.
The program is for small business tenants that are paying less than $50,000 per month in gross rent, with annual consolidated revenues of less than $2 million, and that have experienced at least a 70 per cent drop in pre-COVID-19 revenues. It will also be available to non-profit and charitable organizations.
Over the course of the program, property owners will reduce rent by at least 75 per cent for the months of April and May (retroactive), and June, for their small business tenants. CECRA will cover 50 per cent of the rent, with the tenant paying up to 25 per cent and the property owner forgiving at least 25 per cent.
The program will be administered by the Canada Mortgage and Housing Corporation (CMHC) and must be applied to by the Landlord.
As of today, applications will be accepted through the Canada Mortgage and Housing Corporation (CMHC) website.
- The CMHC expects a large number of applications. To manage this volume, the intake of applications will be staggered based on the size and location of the commercial property. Property owners can submit their applications according to the following timetable:
- Monday, May 25: Property owners who are located in Atlantic Canada, British Columbia, Alberta, and Quebec, with up to 10 tenants who are eligible for the program.
- Tuesday, May 26: Property owners who are located in Manitoba, Saskatchewan, Ontario, and the Territories, with up to 10 tenants who are eligible for the program.
- Wednesday, May 27: All other property owners in Manitoba, Saskatchewan, Ontario, and the Territories.
- Thursday, May 28: All other property owners in Atlantic Canada, British Columbia, Alberta, and Quebec.
- Friday, May 29: All property owners across Canada.
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In order to help businesses open safely, the Government of Ontario has developed an online resource called the Workplace PPE Supplier Directory to help Ontario businesses identify suppliers for personal protective equipment (PPE) that will support employees’ safe return to work.
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