Federal assistance is coming to help business owners who are having problem paying rent to landlords due to COVID-19.
Prime Minister Justin Trudeau says the Canada Emergency Commercial Rent Assistance program will provide forgivable loans to landlords, in light of businesses not bringing in revenue.
“Our government, along with the provinces and territories, will cover 50% of the rent. We’re asking landlords absorb 25%, and tenants pay the rest with support of programs,” says the Prime Minister.
The government adds support for large retailers is coming soon, with details to follow.
Trudeau says this new fund starts Monday, and will help everyone, whether it’s in a restaurant or an office.
“Your job is how you support yourself and your family. And no matter what you do, no matter how many people your workplace employs, we need to protect that,” points out Trudeau.
The Prime Minister is encouraging all small businesses to apply, adding there’s a different fund created last week to help large scale businesses.
