Wednesday, August 10, 2022

Rent relief announced for small Canadian businesses

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Small businesses affected by the COVID-19 pandemic are getting rent relief.

Prime Minister Justin Trudeau has announced the Canada Emergency Commercial Rent Assistance which will see a 75% reduction of commercial rent.

Trudeau says non-profits and charities will be eligible for the program.  The program is for businesses that pay less than $50,000  in commercial rent. The agreement has been reached with the provinces and territories which oversee rent.

It will cover rent for April, May and, June with tenants paying a quarter, landlords paying a quarter, and provincial and federal governments splitting the rest.

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Trudeau says he will hold a First Minister’s conference call Friday afternoon where premiers will continue to discuss a re-opening of the economy, however the PM notes it must be done in a gradual manner.

“This won’t happen one day to the next, it must happen slowly.  We must be very careful,” says Trudeau.

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