CECRA will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May and June. CECRA will provide relief for small businesses paying less than $50,000 per month in gross rent that have either been forced to close due to the pandemic or have had their revenues severely impacted by at least 70%. This support is also available to non-profits and charities. CECRA is expected to be operational by mid-May, with commercial property owners lowering the rents of their small business tenants payable for the months of April and May, retroactively, and for June.
Canada Mortgage and Housing Corporation (CMHC) will administer the program on behalf of the Government of Canada and our provincial and territorial partners. For more information, please read the full official press release.