Justin Trudeau introduces nationwide commercial rent relief of up to 75%
Day after day, Justin Trudeau announces new ways to support Canadians and Canadian businesses. This morning, the Prime Minister announced a nationwide commercial rent relief program for struggling businesses.
It’s called the Canada Commercial Rent Assistance. The new program will provide up to 75% in rent relief for small businesses for the months of April, May, and June. To implement this, the government will cover 50% of the reduction, and the property owner must cover the other 25%.
Unfortunately for some businesses who have already had to close their doors, this may be too little too late. On the other hand, this will definitely aid the businesses who are looking at mere weeks before closure.
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Watch live: Prime Minister Justin Trudeau addresses Canadians on the #COVID19 situation from Rideau Cottage, in Ottawa. https://t.co/kCIcMwbwrz
— CanadianPM (@CanadianPM) April 24, 2020
Businesses that have been negatively affected by COVID-19. and that pay under $50k/month will be eligible for the assistance. Non-profits are charitable organizations are also entitled to the relief, if they have been impacted.
Trudeau finished up by mentioning that a rent relief program for larger businesses will be coming out soon. If you’d like to learn more about the Canada Commercial Rent Assistance or any other programs, you can check them out here!
