Canada Emergency Commercial Rent Assistance

Today, the federal government announced commercial rent support for small businesses in conjunction with the provincial government. We are still expecting additional details, we will keep you informed as updates become available.

The government is offering qualifying commercial property owners forgivable loans through the Canada Mortgage and Housing Corporation (CMHC).

Eligible landlords who have already stepped up and offered 75% reduction or more for April and May or would like to retroactively do so can apply.

Details:

• 75% rent reduction for eligible business tenants
  • Federal and provincial governments will provide forgivable loans to property owners to cover 50% of the monthly rent
  • Property owners will in turn cover 25% of the rent
• Must agree to a moratorium on evictions
• Applies to April (retroactively), May, and June

Eligibility:

• Small businesses, non-profits and charity organizations
• Available for tenants that pay less than $50,000/month rent
• Have ceased operations or experienced at least 70% decrease in revenues

Application: Landlords will be able to apply mid-May.
*With the 1^st of the month around the corner, the government is asking landlords to be flexible.

Larger Businesses: More information on rent support for larger businesses to come soon.

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Angela Calla is a 16-year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.