CKL BUSINESSES AND LANDLORDS - THE NEW COMMERCIAL RENT DEAL - WHAT YOU NEED TO KNOW AS OF TODAY

City of Kawartha Lakes commercial tenants and landlords - what you need to know about the new, evolving commercial rent program available through the federal government: 

  • Reduces commercial rent by 75% if affected by COVID-19

  • Must pay less than$50,000 monthly rent to qualify

  • Must have stopped operating or suffered a 70% reduction in gross revenue

  • Available for April, May and June

  • Landlord must apply

  • Landlord pays 25% of monthly rent; tenant pays 25% to landlord; government gives loan to landlord for remaining 50%

  • Government loan is forgiven if landlord complies with program requirements

  • Must be a written “rent forgiveness agreement”, including a term for no eviction

  • Available to non-profits, etc.

  • More information here: http://wardlegal.ca/31586368607096

  • If landlord is unreasonable, inflexible (refused to apply to program), available options to defer or avoid commercial rent arrears are here: http://wardlegal.ca/31586368607098

 


Thank you for reading this - Calvin Chan of WARDS LAWYERS PC.

If you would like to read more, please go to wardlegal.ca/posts.

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 - calvin@wardlegal.ca | www.wardlegal.ca