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Coronavirus: Federal government introduces new rent subsidy support for small businesses | FULL

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Deputy Prime Minister Chrystia Freeland announced on Monday a new federal rent subsidy support to small businesses affected by lockdowns and public health orders.

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.

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 hit hard 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.

For more information: https://globalnews.ca/news/7478505/canada-emergency-rent-subsidy-starts/

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Category
U.S. & Canada
Tags
coronavirus, COVID-19, corona virus
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