July added to COVID-19 commercial rent relief program
As of June 21, the program had doled out $152 million in forgivable loans to landlords
OTTAWA — Federal and provincial governments have agreed to extend a commercial rent relief program to help cover July costs for eligible small businesses, with a few changes.
The Finance Department says the program will no longer clawback the costs of insurance proceeds and provincial rent supports from the forgivable loans for current and new applicants.
Previous clawback amounts will be given back to landlords that previously received loans through the program.
As well, those who qualified for loans by showing revenue declines of 70% in April, May or June will qualify anew without being reassessed on whether their earnings have dropped that much in July.
As of June 21, the program had doled out $152 million in forgivable loans to landlords that agreed to give a rent break to more than 20,000 tenants.
The Canadian Federation of Independent Business had said that many small businesses believed they couldn’t afford rent for July unless the Liberals extended the program.