The current pandemic has significantly impacted small businesses all over the world. Small business owners and entrepreneurs find it hard to manage the current situation. Governments and federal governments are coming with relief programs to help small business owners. CECRA is a commercial rent assistance program offered by the federal government of Canada. This canada commercial rent relief program is of great help for business owners facing financial hardships during the pandemic. Find out more here about the commercial rent relief program and ways to apply for the same.
Features of Commercial Rent Relief Program
The commercial rent relief program CECRA helps small business owners at the time of crisis. This relief program is definitely good news for small business owners facing uncertainty. It offers forgivable loans to commercial property owners. They are thus covering about 50% of the rent payments of the small business owners. This relief fund is sanctioned when the property owner agrees to reduce the small business owner’s rent to at least 75%. Business owners are responsible for paying the remaining 25% of the commercial rent. This relief program releases funds directly to the mortgage lender. This program will be in operation until next year.
Rent Relief Program- A Boon To Small Business owners
Almost most of the small business owners find it hard to manage the crisis. They are forced to change their working model due to the Covid-19 restrictions. This has led to a drop in revenue of small businesses all over the world. Some business owners are forced to shut down their facilities due to the pandemic. The Commercial rent relief program is definitely good news for small business owners facing uncertainty. It has helped businesses to manage their financial crisis.
Who Can Apply?
All small business owners are eligible to apply for the commercial rent relief program. Business owners paying a monthly rent of $50,000 can avail the benefits from this relief program. Small business owners who have currently shut down their business due to the pandemic can apply for the relief fund. Businesses that have faced a 70% drop in their revenues are eligible to apply for the commercial relief program. The annual revenue of businesses should not exceed $20 million. This is a primary eligibility criterion to become a part of the commercial rent relief program.
How To Apply?
Visit the Canada Mortgage and Housing portal to apply for the commercial rent relief program. Each of the small business owners must register on the portal before applying for the fund. Applying for the rent relief program is direct and straightforward. It can be done online. The following documents must be submitted by the property owners when applying for the relief fund.
- Property Address
- Property Tax Statement
- Property Type
- Property Contact information
- Bank details
- Bank Statement
The tenants must submit the following documents when applying for the relief fund.
- Contact information
- Lease details
- Business name
- Monthly gross rent
The above guide would help small business owners to apply for the commercial rent relief fund.