April 28, 2020

On Friday (April 24) the Prime Minister announced that the federal government, provinces and territories have reached agreement in principle on the Canada Emergency Commercial Rent Assistance program. The program will be instituted to to help commercial small business tenants who are experiencing loss of business during the COVID-19 pandemic.

Further details on CECRA will be announced in the near future once final terms and conditions are agreed. In the meantime, the federal, provincial and territorial governments are urging property owners to provide flexibility to tenants facing hardship in this uncertain time. I am providing a summary of the federal announcement below.

Canada Emergency Commercial Rent Assistance

The federal government has reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. 

The Canada Mortgage and Housing Corporation will administer and deliver the CECRA, a collaboration between the federal government and provincial and territorial governments, which are responsible for property owner-tenant relationships.

Agreement in principle

The program will be available for small business tenants paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70 per cent drop in pre-COVID-19 revenues. This support will also be available to non-profit and charitable organizations.

Under the proposed rent forgiveness agreement:

• the mortgaged commercial property owner would reduce the small business tenant’s monthly rent by at least 75 per cent
• the tenant would be responsible for paying the remaining 25 per cent
• forgivable loans will be provided to qualifying commercial property owners to cover 50 per cent of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June
• The forgivable loans would be disbursed directly to the mortgage lender

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The government of Ontario announced that it has committed $241 million to the CECRA program.

It is expected that CECRA will be operational by mid-May, with commercial property owners lowering the rents of their small business tenant’s payable for the months of April and May, retroactively, and for June.