The Government of Quebec will contribute $140 million to reduce the losses of property owners enrolled in the Federal Canada Emergency Commercial Rent Assistance (CECRA) by 50%. With this announcement, the provincial government will be able to compensate 50% of the loss of the commercial owners registered in this program. To benefit from this, owners must agree to absorb a loss of 25% of their rental income. Thanks to the money disbursed by Quebec, they will be able to receive an amount equivalent to 12.5% of the total cost of their rent, in order to reduce their losses by half. Owners of commercial buildings in all regions of Quebec are eligible for this program, the terms of which will be made public in the coming days.
Canada Emergency Commercial Rent Assistance Program (CECRA) has been implemented by the federal government to reduce the rents of small businesses affected by the emergency measures implemented to combat COVID-19. Under the CECRA, building owners agree to grant a rental reduction of at least 75% of total rent for the months of April and May (retroactively), and June to their small business tenants. This program therefore covers 50% of the rent, the tenants must pay up to 25% and the owners must give up at least 25% of income.
For more information: CECRA