Are you a commercial tenant struggling to meet monthly rent due to the business slowdown or shutdown?
Are you a commercial property owner with struggling tenants?
The relief is on its way. The Canada Emergency Commercial Rent Assistance Program is a forgivable loan provided to the commercial property owners with struggling tenants that will cover 50% of the landlord’s fixed commercial property expenses. The loan will be forgiven if the landlord reduces the rent by at least 75% and sign a no-eviction agreement with the tenants. The application intake will start in the next few weeks, but the program is retroactive to April 1, 2020.
Eligibility Requirements
Eligible Small Business
- Pays monthly rent not exceeding $50,000 in gross rent payment;
- Generates no more than $20 million in annual pre-crisis sales;
- A non-essential small business that has temporarily closed by the provincial or territorial government order;
OR - Is experiencing a 70% drop in pre-crisis revenues (determined by comparing revenues in April, May or June to the same month in 2019 or compared to average revenues for January-February 2020).
Eligible Landlord
- Owns a commercial property leased to eligible tenants;
- Has a mortgage loan secured by the commercial property leased to eligible tenants;
- Is willing to reduce monthly rent for April, May, and June 2020 by at least 75% and sign a no-eviction agreement with eligible tenants;
- Have declared rental income on a personal or commercial tax return for tax years 2018 and/or 2019.
CLICK HERE TO GET HELP WITH CANADA EMERGENCY COMMERCIAL RENT ASSISTANCE PROGRAM APPLICATION.
FORWARD THIS ARTICLE TO YOUR COMMERCIAL PROPERTY LANDLORD.
Please stay at home if you can. We will get through this together. Our team is fully available.
