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.
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.
