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.
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;
- 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).
- 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.
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