The federal government has just announced the extension the Canada Emergency Commercial Rent Assistance (CECRA) Program to cover the month of July. This extends the Program’s eligibility by one month beyond the original three months of April, May and June
As per our previous blog posts, the CECRA Program offers forgivable loans to qualifying small businesses (those that have been impacted by the Covid-19 pandemic) who lease commercial space from qualifying landlords. Ultimately, the federal and provincial governments will cover 50% of the gross rent, the eligible tenant would pay 25% and the landlord would forgo the remaining 25%.
Although the federal government has only extended the qualifying period by an additional month, the Canadian Federation of Independent Business has recommended that the Program be further extended to September.
The final deadline to apply for the Program retroactively remains to be August 31, 2020. For questions regarding the CECRA Program or other issues with your lease please contact: