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75% rent relief for small businesses (Covid-19)

CECRA

Retail businesses affected by the pandemic have received some positive news.  

Some rent relief is on the way for retail businesses. The retail sector has been hit especially hard as a result of forced closures. It’s imperative that these companies are given the chance to ride out this crisis and have a proper chance to recover when the all-clear is given.

For insight into the program here are few articles from different publications you might find useful:
 

If you haven’t had a chance to learn about this program directly from the government read the quote below and click here:

Government of Canada

Government of Ontario

“We reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75 per cent for small businesses that have been affected by COVID-19.

The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.

The loans will be forgiven if the mortgaged property owner agrees to reduce the small business tenants’ rent by at least 75% under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.

Impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID revenues. This support will also be available to non-profit and charitable organizations.

It is expected that CECRA will be operational by mid-May, and further details will be announced soon.”

For all of your commercial and residential real estate needs contact My Ottawa Agent Mitch Gauzas. Real estate never sleeps even in the worst of times. People do need to make important decisions with an eye towards the horizon beyond the current situation. And with every situation there are great opportunities.
 
I’m available to assist you with your investing, sales and leasing. 

Mitch Gauzas 

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