Prime Minister Justin Trudeau has announced significant government rent relief for small and medium sized businesses, at a time when many are affected by COVID-19 and may struggle to afford their rental costs.
The Canada Emergency Commercial Rent Assistance is expected to provide 75 per cent in rent reduction for small businesses, with 50 per cent of these costs covered by the federal government, and 25 per cent to be covered by landlords.
Of the 50 per cent covered by government, 37.5 per cent will be paid for by the federal government and 12.5 per cent by provincial governments.
“If you had to close up shop because of public health recommendations, if you don’t have a lot of money coming in because people aren’t spending much these days, you may be worried about keeping your office space,” Trudeau said in his daily press conference on Friday.
The benefit will provide forgivable loans to qualifying commercial property owners that will cover 50 per cent of three monthly rent payments.
This will be available for small and medium business tenants who are experiencing financial hardship during April, May and June due to COVID-19.
To be eligible, small business tenants must be paying less than $50,000 per month in rent, have temporarily ceased operations, or have experienced at least a 70 per cent drop in revenue due to the pandemic.
Trudeau says non-profits and non-government organizations are also eligible, and stated that options for larger businesses will also be made available in coming weeks.
See all the latest updates about the global COVID-19 pandemic on Vancouver Island
The BCCDC has set up a 2019 novel coronavirus telephone information line at 1-833-784-4397 for those who have further questions about this disease.
Anyone concerned that they may have been exposed to, or are experiencing symptoms of the novel coronavirus, should contact their primary care provider, local public health office, or call 8-1-1.
The Province has also created the 1-888-COVID-19 line to connect British Columbians needing non-medical information about the coronavirus pandemic.
As of the time of publication, the total number of COVID-19 patients worldwide has risen to 2,768,001.
Over 193,000 people have died from the illness and 764,793 have made a full recovery.
