This past week has given us some clarification on the commercial rent relief for small businesses. The Government of Canada has put in place forgivable loans to eligible commercial property owners, enabling them to reduce the rent owed by their small business tenants by at least 75% for April, May and June.
Fifty-percent of this will be covered by the federal government, while the remaining 25% is to be covered by the lessor.
Qualification for this assistance will require small businesses to have ceased operations or have seen a revenue drop of 70% and pay less than $50,000/month in rent.
This rent relief provision is also available to Not-for-profit organizations and charities.