Applications for the Canada Emergency Commercial Rent Assistance (CECRA) opened Monday morning, allowing landlords to access one of the federal government’s latest relief programs.
The CECRA is meant to help small businesses maintain rent payments, as many small businesses across the country have been hard hit by the effects of the current global pandemic.
The now-open application portal is accessible through the Canada Mortgage and Housing Corporation (CMHC), which is responsible for administering the rent relief program.
The Canada Emergency Commercial Rent Assistance program is expected to provide 75 per cent in rent reduction for small businesses, with 50 per cent of 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.
In total, property owners must offer a minimum of a 75 per cent rent reduction for the months of April, May, and June 2020.
The CECRA will then provide forgivable loans to qualifying commercial landlords that will cover 50 per cent of the three monthly rent payments.
According to the CMHC, they are expecting “a large volume of applications” for the rent relief program, which officially opened as of 8 a.m. Monday morning.
To manage the volume, CHMC has asked property owners to apply on specific days, which are as follows:
- Monday — Property owners who are located in Atlantic Canada, BC, Alberta and Quebec, with up to 10 tenants who are eligible for the program
- Tuesday — Property owners who are located in Manitoba, Saskatchewan, Ontario and the Territories, with up to 10 tenants who are eligible for the program
- Wednesday — All other property owners in Manitoba, Saskatchewan, Ontario and the Territories
- Thursday — All other property owners in Atlantic Canada, BC, Alberta and Quebec
- Friday — All
The application portal is now open, and can be accessed online.