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: https://wardlegal.ca/31586368607096
- If landlord is unreasonable, inflexible (refused to apply to program), available options to defer or avoid commercial rent arrears are here: https://wardlegal.ca/31586368607098
