15.62°C Vancouver 15.62°C Vancouver
Nov 23, 2020 4:34 PM -
Businesses struggling to pay the bills because of the COVID-19 pandemic will be able to start applying today for a long-awaited new commercial rent-relief program offered by the federal government.
The new Canada Emergency Rent Subsidy replaces an earlier rent-support program for businesses introduced in the spring that saw little pickup because it relied on landlords to apply for help.
The 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.
Federal cabinet ministers will highlight the program during a news conference this morning in which they will also open two initiatives designed to help businesses owned by Black Canadians.
The Canadian Federation of Independent Business, which represents thousands of small companies across the country, is welcoming the new rent program as long overdue for firms hard hit by COVID-19.
However, it is criticizing the government for not opening it to businesses that would have qualified for the previous rent-relief program, but could not access federal funds because their landlords chose not to apply.
