July added to COVID-19 commercial rent-relief program
OTTAWA -- Federal and provincial governments have agreed to extend a commercial rent relief program to help cover July costs for eligible small businesses, with a few changes.
The Finance Department says the program will no longer clawback the costs of insurance proceeds and provincial rent supports from the forgivable loans for current and new applicants.
Previous clawback amounts will be given back to landlords that previously received loans through the program.
As well, those who qualified for loans by showing revenue declines of 70 per cent in April, May or June will qualify anew without being reassessed on whether their earnings have dropped that much in July.
As of June 21, the program had doled out $152 million in forgivable loans to landlords that agreed to give a rent break to more than 20,000 tenants.
The Canadian Federation of Independent Business had said that many small businesses believed they couldn't afford rent for July unless the Liberals extended the program.
The Canadian Press
Related
- Take commercial landlords ‘out of the equation’ for rent relief, says CFIB
- Rent to be lowered by 75 per cent for small businesses affected by COVID-19
- Province encouraging commercial landlords to apply for rent relief for their tenants
- More than half of small businesses won't be able to pay rent for May
- Commercial landlords brace for May to be worst yet as tenants grapple with rent
Trending
- One arrested, two suspects sought for carjacking of mother and three year old daughter in Mississauga
- More parkland is coming to one of Mississauga’s busiest neighbourhoods
- Province confirms route for new highway that will run through Peel
- Peel District School Board says parents have 10 days to decide whether or not to send their children back to class
- Two suspects sought after carjacking in Mississauga
Your Comments