Trudeau announces rent relief of 75% for small businesses affected by coronavirus

Justin Tang / The Canadian Press

Date Published: April 24, 2020

Source: Global News

Prime Minister Justin Trudeau announced on Friday that an agreement with all the provinces and territories has been made to provide rent support for small businesses impacted by COVID-19. The program will provide 75% rent relief for eligible small business tenants in the form of forgivable loans from the Canada Emergency Commercial Rent Assistance and support from the province or territory. Eligible small businesses include those paying less than $50,000 per month in rent with temporarily seized operations or those experiencing a 70% drop in revenue. Charities and non-profit organizations are also eligible for this program. This program is expected to be in operation by mid-May and will provide coverage for the months of April, May, and June.

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Summary by: Angus Lau