Rent Relief Program for Small Businesses to be extended
July 4, 2020
Global Korean Post
The Government of Canada announced the extension of rent relief plan helps ensure that Canadians can pay for essentials like mortgages, rent and groceries, and to help businesses continue to pay their employees and their bills during this time of uncertainty.
Accordingly, the Canada Emergency Commercial Rent Assistance (CECRA) will be extended by one month to cover eligible small business rents for July.
In addition, to simplify the application process for all applicants, the government is removing the requirement to claw-back insurance proceeds and provincial rent supports from the CECRA forgivable loan amount for both existing and new applicants.
Existing applicants who are affected will be notified and will have any previously clawed-back amounts restored to their forgivable loan.
The government has agreed with all provinces and territories to implement the one month extension.
This will provide important relief for small businesses that continue to experience financial hardship, and also allow property owners to maintain rental income and keep tenants in their commercial properties as the economy gradually restarts.
Applications will continue to be processed through the Canada Mortgage and Housing Corporation website (CMHC).