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Businesses struggling to pay their bills due to the COVID-19 pandemic will be able to begin applying today for a new commercial long-awaited rental relief program offered by the federal government.
Canada’s new emergency rental subsidy replaces an earlier rental support program for businesses introduced in the spring that saw a small revival because it relied on owners to seek help.
The new program will cover up to 65% interest on commercial rents or mortgages on a sliding scale based on declining revenues, with a further 25% available to the most affected companies.
Federal government ministers will highlight the program at a press conference this morning where they will also open two initiatives aimed at helping businesses owned by black Canadians.
The Canadian Federation of Independent Business, which represents thousands of small businesses across the country, welcomes the new long-awaited rental program for companies severely affected by COVID-19.
However, he criticizes the government for not opening it up to companies that would have qualified for the previous rent relief program but were unable to access federal funds because their owners chose not to apply.
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