The Canadian Emergency Rent Assistance Applications are now open.

Randi-Marie Adams 
05/25/2020

The PM announced today, that applications are now being accepted for Canada Emergency Commercial Rent Assistance (CECRA) for small businesses.

Over the course of the program, property owners will reduce rent by at least 75 percent for the months of April and May (retroactive), and June, for their small business tenants. CECRA will cover 50 percent of the rent, with the tenant paying up to 25 percent and the property owner forgiving at least 25 percent.

Applying for CECRA makes financial sense for property owners, as their success depends on the success of their tenants. If a tenant declares bankruptcy and is evicted, the property owner receives zero rental income and faces additional costs while they search for new tenants. With this program, property owners will continue to receive income, and small business tenants will receive the help they need to recover and come back after the pandemic.

CECRA is another measure announced by the Government of Canada to provide important relief for small businesses experiencing financial hardship and help keep Canadians on the payroll.

"We all need to work together if we want our economy to come out strong after this pandemic. This program will help property owners, small businesses, workers, and our communities make it through this difficult time. Small businesses are the backbone of this country. We need to be there to support them when it matters most. "

Here is where you can apply:

https://www.cmhc-schl.gc.ca/…/…/covid19-cecra-small-business

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