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On June 29, the federal government announced an extension of the Canada Emergency Commercial Rent Assistance Program (CECRA) until July.
Prime Minister Trudea stated "We know that many business owners are struggling with cash flow right now, so we're working on a solution".
The program, wihich is being administered through CMHC, was initially intened to support small businesses during the months of April, May and June. The program offers unsecured, forgivable loans to eligible commercial property owners to:
- reduce the rent owed by their impacted small business tenants
- meet operating expenses on commecial properties.
Property owners must offer a minimum of 75% rent reduction to tenants. CECRA will cover 50% of the rent with the tenant paying 25% and the property owner forgiving at least 25%.