The federal government has extended its rent-relief program for small businesses.
The Canada Emergency Commercial Rent Assistance (CECRA) program is designed help small businesses with their finances during the COVID-19 pandemic. It offers forgivable loans to cover 50 per cent of a small business’ monthly rent payments. Landlords also must waive an additional 25 per cent of the monthly payments, leaving tenants to pay 25 percent.
CECRA was originally intended to run from April to June but has been extended three times since then. The latest extension will run until the end of September. It is expected to be discontinued thereafter.
The government reported on Sept. 7 that CECRA has provided over $1.32 billion to aid over 106,000 small businesses across Canada.