Canada Emergency Commercial Rent Assistance (CECRA) for small businesses

On Friday, the Government of Canada announced additional details on the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses, which will lower rent by 75 per cent for small businesses that have been most affected by COVID-19.

CECRA for small businesses will provide forgivable loans to qualifying commercial property owners to cover 50 per cent of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May and June. In this way, CECRA for small businesses will provide relief for small businesses paying less than $50,000 per month in gross rent that have either been forced to close due to the pandemic or have had their revenues severely impacted by at least 70 per cent. Canada Mortgage and Housing Corporation (CMHC) will administer the program on behalf of the Government of Canada and our provincial and territorial partners.

“CMHC’s focus continues to be on helping Canadians find safe and affordable housing,” said Evan Siddall, CMHC President and Chief Executive Officer. “Our real estate expertise has been called upon to help Canadian small business and we are here to help. We will continue do what is needed to help protect Canadians in these extraordinary times.”

Today, CMHC released more details on CECRA for small businesses. We will share further information on our website as it becomes available.