A closed store front boutique business called Francis Watson pleads for help displaying a sign in Toronto on Thursday, April 16, 2020. Prime Minister Justin Trudeau says the federal government is expanding a loan program for small businesses suffering from the COVID-19 pandemic and is working on a new support for companies having trouble paying rent.THE CANADIAN PRESS/Nathan Denette

Trudeau unveils forgivable loans for landlords in small business rent relief program

Program will see government cover 50% of rent

The prime minister unveiled a forgivable loan program for landlords who take part in the Canada Emergency Commercial Rent Assistance program on Wednesday (May 20).

The CECRA program was first announced in April. To qualify, landlords must offer a 75 per cent rent reduction to their small business tenants for the months of April, May and June. In exchange, government will cover 50 per cent of the rent payment, tenants must pay 25 per cent and the commercial landlord must forgive 25 per cent.

Businesses must pay no more than $50,000 in gross monthly rent per location, generate no more than $20 million in gross annual revenues and have had a 70 per cent drop in revenues due to COVID-19.

Prime Minister Justin Trudeau said applications for the program would open May 25.

READ MORE: Businesses hard-hit by COVID-19 to get 75% in rent cost relief

READ MORE: Trudeau unveils rental assistance for small businesses, loosens loan qualifications

More to come.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A second wave of COVID-19 is probable, if history tells us anything

B.C.’s top doctor says that what health officials have learned this round will guide response in future

Council talks trash: New garbage bylaw in the works

Draft bylaw to be voted on at Monday, May 25 council meeting

UPDATE: Police oversight agency investigating after shots fired Saturday night in Chilliwack neighbourhood

RCMP reported a ‘distraught male’ fired at police officers on Christina Drive – IIO is on scene Sunday

Prospera Credit Union, Westminster Savings lay off over 100 staff following historic merge

2020 merger was largest credit-union merger in Canadian history

‘Service beyond the classroom’: Gerry Palmer wins UFV award

Palmer has been involved with UFV for more than 30 years, starting as an instructor

LIVE: Procession to honour Snowbirds Capt. Jennifer Casey comes to Halifax

Snowbirds service member died in a crash in Kamloops one week ago

RCMP facing ‘systemic sustainability challenges’ due to provincial policing role

Provinces, territories and municipalities pay anywhere from 70 to 90 per cent of the cost of the RCMP’s services

‘Not a joke’: Promoter wants to rocket-launch man the length of White Rock pier

Brooke Colby says he’s building an eight-foot rocket in his backyard

RCMP confirm man dead in Chilliwack shooting incident

The Independent Investigations Office of B.C. is investigating the RCMP’s role in the death

B.C. employers worry about safety, cash flow, second wave in COVID-19 restart

A survey found 75 per cent of businesses worry about attracting customers

Ex-BC Greens leader Andrew Weaver says province came close to early election

Disagreement centred on the LNG Canada project in northern B.C.

Canada’s NHL teams offer options to season-ticket holders

Canadian teams are offering refunds, but also are pushing a number of incentives to let them keep the money

Boy, 2, left with ‘soft tissue injuries’ after being hit by car in Squamish intersection

Boy was release from hospital, police continue to investigate

B.C. premier says lessons to learn from past racism during response to pandemic

B.C. formally apologized in the legislature chamber in 2008 for its role in the Komagata Maru tragedy

Most Read