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.
