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

RCMP escort beaver across busy Chilliwack road

Motorists had to exercise patience as the slow-moving creature crossed several lanes of traffic

Rail traffic starts moving after 60-car derailment near Hope

The 60 cars carrying potash crashed along a rail bridge, clean up is ongoing

Cardio, weight room to re-open Monday at Hope rec centre

Arena, pool still closed as regional district works on phased approach to re-opening

‘Top secret’ demolition derby continues 52-year tradition in Hope

Sunday derby drew 19 cars, but no crowds in an event used to thousands of spectators

Fraser Valley foursome to hike 70km over mountains in memory of friend

Friends from Abbotsford and Langley to hike from Hope to Tulameen for Brook Morrison

Record-breaking 165 new COVID-19 cases diagnosed in B.C. in 24-hour period

Fifty-seven people are in hospital battling the novel coronavirus

One injured in South Surrey shooting

Shots reported in area of 194 Street and 34 Avenue

Report raises questions about COVID outbreak that killed 25 seniors at Langley Lodge

CEO defends leaked document that’s igniting queries about BC’s most deadly COVID outbreak

March to protect old growth, stop industrial logging coming to B.C. Legislature

Organizers say they want to give frontline communities a bigger say in nearby logging

B.C. releases details of $1.5B economic recovery plan, $660M in business tax incentives

Economic plan includes support for employers, as well as training for workers

‘Not criminally responsible’ hearing slated for man convicted of Abbotsford school stabbing

Gabriel Klein was found guilty in March of killing Letisha Reimer, 13, in 2016

Man arrested in New Westminster pier park fire

Investigators don’t believe the public are at further risk and are not looking for any other suspects

Most Read