covid-commercial-rent-20200831.jpg

Long-awaited federal rent subsidy program for businesses hurt by COVID-19 opens today

Businesses struggling to pay the bills because of the COVID-19 pandemic will be able to start applying today for a long-awaited new commercial rent-relief program offered by the federal government.

The new Canada Emergency Rent Subsidy replaces an earlier rent-support program for businesses introduced in the spring that saw little pickup because it relied on landlords to apply for help.

The new program will cover up to 65 per cent of rent or commercial mortgage interest on a sliding scale based on revenue declines, with an extra 25 per cent available to the hardest-hit firms.

Federal cabinet ministers will highlight the program during a news conference this morning in which they will also open two initiatives designed to help businesses owned by Black Canadians.

The Canadian Federation of Independent Business, which represents thousands of small companies across the country, is welcoming the new rent program as long overdue for firms severely affected by COVID-19.

However, it is criticizing the government for not opening it to businesses that would have qualified for the previous rent-relief program, but couldn’t access federal funds because their landlords chose not to apply.


Source link

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

Leave a Reply