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COVID-19 Canada Emergency Commercial Rent Assistance

COVID-19 Canada Emergency Commercial Rent Assistance

By Nizam Shajani, CPA, CA, MBA

Prime Minister Trudeau announced today a program for small business to assist in paying rents.

The Canada Emergency Commercial Rent Assistance (CECRA) will provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.

Implementation of the program will require a partnership between the federal government and provincial and territorial governments responsible for property owner-tenant relationships.

The loans are intended as rent support for businesses that are most impacted by the pandemic and we will have more details to share soon.

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