Businesses face wide-ranging issues as the world responds to the COVID-19 pandemic. Here is the latest guidance from Torys.
Yesterday the Canada Mortgage and Housing Corporation released important details on the federal government's rent relief program for small businesses, the Canada Emergency Commercial Rent Assistance program (CECRA).
This update responds to some of the first wave of questions that came after the government's initial announcement of CECRA in April, including what rent is covered, whether landlords who are ground lessees can participate, and whether only mortgaged properties would be eligible. With more details now available, questions nonetheless remain as to how the program will work in practice.
Our latest guidance is a practical analysis of the program and its implications for landlords and tenants, including discussion of
- conditions to be met by landlords,
- commercial properties within CECRA's scope,
- rent that is covered,
- eligible small business tenants, and
- rent forgiveness and CECRA loan dynamics.
Read all our COVID-19 guidance for organizations on torys.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.