This week the Federal government published the guidelines of the the new Canada Emergency Rent Subsidy (CERS).
Unlike its predecessor, this program no longer requires landlords to apply. Now, if you rent a commercial or industrial space, or pay an interest on commercial mortgage your business is eligible assuming that you had a revenue drop in or after October 2020 compared to October 2019 or the average of January and February 2019.
If your business was forced to shut down or reduce its operations after September 27, 2020, following provincial, regional or municipal regulations, it qualifies for an additional Lockdown Support.
Eligible costs include:
- Commercial rent (excluding HST)
- Property taxes
- Property insurance
- Interest on commercial mortgages (less any subleasing revenues).
The Canada Emergency Rent Subsidy (CERS) will pay up to 65% of eligible costs (depending on the % of your revenue drop) and up to additional 25% if your business was forced to shut down or reduce its operations.
The application intake will start soon on Canada Revenue Agency website.
Do you qualify for Canada Emergency Rent Subsidy or other emergency government funding programs?
Fill out Eligibility Check form to find out.