Rent relief – applications for CECRA to open May 25th, 2020
May 20, 2020The government announced the Canada Emergency Commercial Rent Assistance (CECRA) application will open on May 25th, 2020 on the Canada Mortgage and Housing Corporation (CMHC) website. This program offers forgivable loans to landlords so that they can reduce rent by 75% for small business tenants that have lost the majority of their revenue. The government will cover 50%, landlords will be required to cover 25% and retailers will be required to cover the remaining 25%.
RCC has continually pushed to have rent relief measures in place for all retailers who’ve been impacted by the pandemic. In addition, the government confirmed further rent relief measures will be announced soon for larger retailers. RCC will continue working with officials and will update members as soon as these details are finalized.
