Canada Emergency Commercial Rent Assistance extended through July
The Federal government has announced that it has extended the Canada Emergency Commercial Rent Assistance (CECRA) program through July. CECRA, which reduces an eligible tenant’s rent by a minimum of 75%, was previously only available for the months of April, May and June. As a result, the BC government has announced that Ministerial Order No. M179, which prohibits commercial landlords in BC from taking certain actions against a non-paying tenant if the landlord could have received assistance under CECRA (see our post with respect to Ministerial Order No. M179), will remain in place through July as well.
The July extension is only available for tenants who were originally approved to receive assistance under CECRA for the months of April, May and June. Previously approved tenants will be deemed to be eligible for the July extension, meaning there will be no need for such tenants to show a revenue decline of at least 70% for the month of July.
The Federal government has also announced that it is removing the requirement that the forgivable loan amount paid to landlords exclude insurance proceeds and provincial rent supports. Existing applicants who were affected by this requirement will be notified and the full amount of their forgivable loan will be restored.
More information on CECRA and the July extension can be found on the Canada Mortgage and Housing Corporation’s (CMHC) website. As noted in our prior posts, CMHC administers CECRA on behalf of the Federal government.
Please feel free to contact the authors or any member of the DLA Piper (Canada) Real Estate team if you have any questions about CECRA or the July extension.
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