Canada Emergency Commercial Rent Assistance for Commercial Owners Extended
By Ellen Baragon, Guest Contributor
The federal government has extended the Canada Emergency Commercial Rent Assistance (CECRA) for another month to help small businesses cover rental costs through August 2020. This follows a previous CECRA extension for the month of July.
CECRA provides forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments as a way to support businesses that have been hit hard by the pandemic.
New and existing CECRA applicants may opt for the August rent reduction, but taking advantage of the one-month extension is voluntary.
Eligible businesses that have not yet submitted an application for CECRA must apply by August 31, 2020. Those that were previously approved must apply for the July and August extension by September 14, 2020.
Click here for more information on how CECRA can help commercial landlords and tenants.
BC Emergency Protection Act
BC's Minister of Finance Carole James has also confirmed that the BC government’s Emergency Protection Act, which prohibits CECRA-eligible commercial landlords from evicting tenants due to unpaid rent payments, remains in place at least for the duration of the federal rent assistance program.
Said James: “The ban [on evictions] will continue to protect small businesses in British Columbia that would be eligible for rent relief but whose landlords have not applied, and it will encourage landlords to apply for the joint federal-provincial relief program.”
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