The Canadian Government has extended its program to assist small businesses with rent for the month of August.
Canada Emergency Commercial Rent Assistance (CECRA) is a federal fund created to help small businesses cover rent, stay open, and recover from the economic crisis caused by the COVID-19 pandemic.
“As a lot of small businesses across the country are gradually and safely reopening, further support is needed for those businesses hardest hit. The COVID-19 Economic Response Plan is working, and we’ve listened to the concerns of small businesses, and we are extending the rent relief provided through the CECRA by an additional month”, said Federal Finance Minister Bill Morneau.
CERCA has supported 63,000 small business tenants to date. Those businesses employ over 616,000 people. A total of $613 million in rent support has been distributed to businesses that need it.
Additionally, the Canadian Mortgage and Housing Corporation, a federal crown corporation, is working with large property owners to help provide CECRA to more than 20,000 small businesses. Thousands of applications have been submitted, showing there is a strong interest in CECRA from property owners and small business tenants.
The federal government is encouraging eligible property owners to use CECRA and to provide flexibility to their tenants as they recover from the economic impact of the COVID-19 pandemic.
