The Government of Canada has announced a new benefit that will help businesses who are struggling to pay the bills because of the COVID-19 pandemic. This new benefit is called the Canada Emergency Rent Subsidy, which is a commercial rent relief program offered by the federal government. The eligibility periods are within September 27, 2020 – June 2021.
The new Canada Emergency Rent Subsidy replaces an earlier rent-support program for businesses introduced in the spring, but the previous program relied on the landlords to apply for the subsidy. This new program will cover up to 65 per cent of rent or commercial mortgage interest on a sliding scale based on revenue declines, with an extra 25 per cent available to the hardest-hit firms.
Learn more about the subsidy, whether you are qualified, calculate your subsidy amount and more here: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy.html
