CKL BUSINESSES AND LANDLORDS - THE NEW DEAL FOR RENT DURING THE PANDEMIC - SUBSTANTIAL REDUCTION TO ONLY 25% - WHAT YOU NEED TO KNOW

The federal Government announced today it will in partnership with the Ontario government implement the Canada Emergency Commercial Rent Assistance (“CECRA”) for small businesses in the City of Kawartha Lakes: 

  • commercial rent is reduced by 75% for small businesses affected by COVID-19 [i.e., businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% revenue reduction];
  • eligible landlord applies for forgivable loan(s) to cover 50% of three monthly rent payments - April, May and June;  
  • landlord loans will be forgiven if the mortgaged property owner agrees to reduce the rent by at least 75% for these three months under a “rent forgiveness agreement”, which will include a term not to evict the tenant while the agreement is in place;  
  • the small business pays the remainder, up to 25% of the rent; and
  • also available to local non-profit and charitable organizations.

Thank you for reading this - Jason Ward of WARDS LAWYERS PC.

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This WARDS LAWYERS PC blog is for general information only. It is not legal advice, or intended to be. Specific or more information may be necessary before advice could be provided for your circumstances.

More information? We're here to help - jason@wardlegal.ca | www.wardlegal.ca