A closed store front boutique business called Francis Watson pleads for help displaying a sign in Toronto on Thursday, April 16, 2020. Prime Minister Justin Trudeau says the federal government is expanding a loan program for small businesses suffering from the COVID-19 pandemic and is working on a new support for companies having trouble paying rent.THE CANADIAN PRESS/Nathan Denette

Trudeau unveils forgivable loans for landlords in small business rent relief program

Program will see government cover 50% of rent

The prime minister unveiled a forgivable loan program for landlords who take part in the Canada Emergency Commercial Rent Assistance program on Wednesday (May 20).

The CECRA program was first announced in April. To qualify, landlords must offer a 75 per cent rent reduction to their small business tenants for the months of April, May and June. In exchange, government will cover 50 per cent of the rent payment, tenants must pay 25 per cent and the commercial landlord must forgive 25 per cent.

Businesses must pay no more than $50,000 in gross monthly rent per location, generate no more than $20 million in gross annual revenues and have had a 70 per cent drop in revenues due to COVID-19.

Prime Minister Justin Trudeau said applications for the program would open May 25.

READ MORE: Businesses hard-hit by COVID-19 to get 75% in rent cost relief

READ MORE: Trudeau unveils rental assistance for small businesses, loosens loan qualifications

More to come.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Salmon closures announced for Skeena and Nass watersheds

DFO notice expands on May 21 chinook ban throughout Skeena watershed

New traffic lanes for Six Mile west of Burns Lake coming soon

Construction to begin on lane extension and traffic improvement

Canfor mill remains closed

And company to shut Isle Pierre operation permanently

Museum society to open public art gallery in Burns Lake

Artists and residents who have been lobbying for additional exhibition space in… Continue reading

Burns Lake Public Library receives funding for restart

The library plans to open soon with stricter restrictions

B.C. legislature coming back June 22 as COVID-19 emergency hits record

Pandemic restrictions now longer than 2017 wildfire emergency

DFO allowing at-sea observers again if safe work procedures in place

May 15 fishery notice lays out conditions for allowing at-sea observers onboard amid COVID-19

B.C.’s essential grocery, hardware store employees should get pandemic pay: retail group

Only B.C.’s social, health and corrections workers are eligible for top-ups

Edmonton, Vancouver and Toronto vying to be NHL hubs, but there’s a catch

The NHL unveiled a return-to-play plan that would feature 24 teams

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

B.C. sees 9 new COVID-19 cases, one death as officials watch for new cases amid Phase Two

Number of confirmed active cases is at 244, with 37 people in hospital

Nanaimo senior clocked going 50 km/hr over limit says her SUV shouldn’t be impounded

RCMP say they can’t exercise discretion when it comes to excessive speeding tickets

Illicit-drug deaths up in B.C. and remain highest in Canada: chief coroner

More than 4,700 people have died of overdoses since B.C. declared a public health emergency in early 2016

CMHC sees declines in home prices, sales, starts that will linger to end of 2022

CMHC said average housing prices could fall anywhere from nine to 18 per cent in its forecast

Most Read