Daily COVID-19 Update - April 24, 2020
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These are the relevant updates available relating to COVID-19 for April 24, 2020
Commercial Rent Relief
Today, the Prime Minister has confirmed the details of the Canada Emergency Commercial Rent Assistance program, which in partnership with provincial governments is expected to lower rent for businesses by 75% for the months of April, May and June.
This program will provide forgivable loans to qualifying commercial property owners to cover 50 per cent of three monthly rent payments payable by eligible small business tenants experiencing financial hardship during April, May and June.
The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75 per cent for those three months under a rent forgiveness agreement, which will include a pledge not to evict the tenant while the agreement is in place.
This program will apply to all businesses paying less than $50,000 per month in rent and who have temporarily ceased operations, or have experienced at least a 70-per-cent drop in pre-COVID-19 revenues.
This program will be administered by the Canada Mortgage and Housing Corporation (CMHC).