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Government announces extension of commercial property rent relief program in BC.
VANCOUVER: The Federal Government has extended the Canada Emergency Commercial Rent Assistance program for the month of July. This program was initially intended to support small businesses during the COVID – 19 pandemic. It provides forgivable loans to qualifying commercial property owners covering 50% of monthly rent payments that are payable by small eligible tenants who are experiencing financial hardship.
WHAT YOU NEED TO KNOW;
Property owners and small business tenants will soon be able to access funding for the month of July.
- Only those tenants approved in the April, May and June application are eligible for the July extension.
- If a business had an average revenue decline of 70% or more in April, May and June, they are deemed eligible for the additional month of rent relief. However, not all tenants in the original application need to be included for the July extension.
For more information on Canada Emergency Commercial Rent Assistance Program application process and details, please visit their website at;
Canada Mortgage and Housing Corporation