In his usual address to the public this morning, Prime Minister Justin Trudeau announced that small business owners will be able to apply for help paying their rent as early as next week.
Applications for the Canada Emergency Commercial Rent Assistance (CECRA) program are set to open on Monday, May 25.
The program provides forgivable loans to landlords so they can reduce the rent for their small business tenants by 75%. The federal government, along with the provinces and territories, will cover 50% of the rent, ask landlords to absorb 25%, and ask tenants to pay the remainder with the support of programs like the Canada Emergency Business Account (CEBA).
“If you’re a landlord, and you and your tenant are eligible, please apply,” Trudeau urged. “Once this launches, you’ll receive your relief quickly.”
The prime minister says more help is coming for larger businesses and retailers as well, with details to be announced at a later time.
Trudeau spoke again about the Large Employer Emergency Financing Facility (LEEFF), which was launched last week to provide bridge loans for Canada’s largest employers.
Applications for the LEEFF are open as of today, May 20.
“Loans will be designed with a clear goal: Protecting jobs and helping our economy rebound,” said the prime minister.
“But I want to be clear — we are not offering companies a bailout. We are making loans available so that they can weather this storm and continue to employ millions of hard-working Canadians.”
Trudeau also took the opportunity to remind parents that when they receive their Canada Child Benefit (CCB) payment today, they can expect an extra $300 per child to help them during these times.
Details on all parts of the country’s COVID-19 Economic Response Plan are available on the federal government’s website.