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Small businesses across BC will see their monthly rent significantly reduced thanks to a new federal-provincial rent assistance program.
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BC small businesses to get rent relief
Published 2:58 PDT, Fri April 24, 2020
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Thousands of small businesses in British Columbia will see their monthly rent reduced by at least 75 per cent thanks to the new federal-provincial Canada Emergency Commercial Rent Assistance Program (CECRA).
“While many small businesses have closed their doors to help keep people safe and healthy, this has not stopped the bills from coming in,” said Finance Minister Carole James. “British Columbia is pleased to partner with the federal government on the CECRA, a welcome next step that will help thousands of commercial property owners and tenants in British Columbia.”
Launching in mid-May 2020, the CECRA will be administered by the federal government through the Canada Mortgage and Housing Corporation. It will give over $300 million in relief to small businesses in BC, of which around $80 million comes from provincial funds.
The 75 per cent reduction in monthly rent for small businesses affected by COVID-19 will be achieved by providing forgivable loans to cover 50 per cent of the rent payments for eligible small business tenants for April, May and June.
The loans will be forgiven if the landlord reduces the tenant’s monthly rent by at least 75 per cent. The commercial tenant would be responsible for covering 25 per cent, the property owner 25 per cent, while the federal and provincial governments share the remaining 50 per cent.
“This program is not just about providing relief for people today, it’s also about planning for our future and making sure that businesses and local economies are ready to be part of BC’s economic recovery,” said James.
For more information on B.C.’s COVID-19 Action Plan, visit: http://news.gov.bc.ca/factsheets/bc-takes-steps-to-support-people-businesses-during-covid-19-pandemic
For information about federal supports for businesses, visit: https://www.canada.ca/en/department-finance/economic-response-plan.html
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