Deadline to submit an application is Today, September 30, 2020 and the deadline to opt-in is October 30, 2020.
To qualify for CECRA for small businesses, the commercial property owner must:
- own commercial real property which is occupied by one or more impacted small business tenants
- enter (or have already entered) into a legally binding rent reduction agreement for the period of April, May and June 2020, reducing an impacted small business tenant’s rent by at least 75%
- ensure that there is a rent reduction agreement for each impacted tenant and sub-tenant and that it includes:
- a moratorium on eviction for the period during which the property owner applies the loan proceeds, and
- an acknowledgment that the forgiven rent will never be recoverable
The commercial property owner is not:
- holding federal or provincial political office
- controlled by an individual holding federal or provincial political office
CECRA will not apply to any federal-, provincial-, or municipal-owned properties, where the government is the landlord of the small business tenant.
For more information and to apply click here: https://www.cmhc-schl.gc.ca/en/finance-and-investing/covid19-cecra-small-business