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May 21, 2020
Application open May 25, 2020.
We aren’t in June yet — should I wait to apply?
No, you must apply for all 3 months at the same time and all impacted tenants must be included on a single application.
Your tenant can use forecasts for the month of June. The eligibility on the 70% factor will be determined on the average of April, May and then, forecasting June revenues.
May 19, 2020
This program will lower rent by 75% for small businesses that have been affected by COVID-19.
CMHC will provide forgivable loans to eligible commercial property owners.
• The loans will cover 50% of the gross rent owed by impacted small business tenants during the 3-month period of April, May and June 2020.
• The property owner will be responsible for no less than half of the remaining 50% of the gross rent payments (paying no less than 25% of the total).
• The small business tenant will be responsible for no more than half of the remaining 50% of the gross rent payments (paying no more than 25% of the total).
Am I eligible?
Tenants: Contact your landlord
Landlords: To qualify for CECRA for small businesses, the property owner must meet the following requirements:
What is an impacted small business tenant?
Impacted small business tenants are businesses, including non-profit and charitable organizations who:
How do I apply?
Application portal to open later this month
What will you need for your application?
a. Tenant or Sub-tenant Attestation – Click Here for Sample
Each eligible tenant must attest to the meeting the program criteria (see What is an impacted small business tenant).
b. Property Owner’s Attestation – Click Here for Sample
Property Owner tenant must attest to the meeting the program criteria (see Am I Eligible?).
a. Rent Reduction Agreement – Click Here for Sample
Agreement with the eligible tenant to confirm rent reduction based on the program criteria.
b. Forgivable Loan Agreement Property owner must agree to the terms and conditions outlined here.
What’s the deadline?
The deadline to apply is August 31, 2020.
Can a property owner whose small business is the only tenant apply?
YES, landlords and tenants who are not at arm’s length will be included in the program as long as there was a valid and enforceable lease agreement in place as at April 1, 2020 and the rent under the lease is at market rates.
How can the property owner use the CECRA funds?
In order of priority, funds can be used for:
When is the CECRA loan forgiven?
December 31, 2020.
Our office is happy to help with any questions or issues.Contact Us