Unlike its predecessor, this program provides direct support for small business tenants and replaces the Canada Emergency Commercial Rent Assistance (CERCA) program which ended on September 30, 2020.
The new rent subsidy is set to support businesses, charities, and non-profits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65 per cent of eligible expenses until December 19, 2020.
Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020. Those businesses that are forced to temporarily shut down by any provincial mandatory orders will be able to qualify for funding that covers up to 90 percent of rent or mortgage interest payments.
The extension of the Canada Emergency Wage Subsidy until June 2021, which would continue to protect jobs by helping businesses keep employees on the payroll and encouraging employers to re-hire their workers.
The subsidy would remain at the current subsidy rate of up to a maximum of 65 per cent of eligible wages until December 19, 2020. This measure is part of the government’s commitment to create over 1 million jobs and restore employment to the level it was before the pandemic.
For more information and to read the official news release, click here.