Good Morning All,
Please see the information below re: the CECRA and CEBA programs. Please keep me updated as to whether your landlord is applying. We'd also like to get feedback from those who do apply as to the ease or challenges of the application process. Again, as I don't have email addresses for all of our landlords, I ask that you please forward this email to your landlord.
Thanks,
Susan
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The Application Portal for the Canada Emergency Commercial Rent Assistance (CECRA) program opens today and tomorrow for commercial property owners in Ontario to register.
The application portal to register to apply for the CECRA program is open today (Tuesday, May 26), and Wednesday, May 27, 2020 for Ontario landlords. Once a property owner has registered, the portal will be available for the landlord to complete the application 24/7.
To qualify for CECRA for small businesses, the commercial property owners with up to 10 tenants must:
- own commercial real property* which is occupied by one or more impacted small business tenants
- enter (or have already entered) into a legally binding rent reduction agreement for the period of April, May and June 2020, reducing an impacted small business tenant’s rent by at least 75%
- ensure the rent reduction agreement with each impacted tenant includes:
- a moratorium on eviction for the period during which the property owner agrees to apply the loan proceeds, and
- a declaration of rental revenue included in the attestation
For full program details:
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Update to the Canadian Emergency Business Account (CEBA) criteria.
Last week, the federal government announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to include a greater number of businesses that are sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.
To qualify under the expanded eligibility criteria, applicants with payroll lower than $20,000 would need:
- a business operating account at a participating financial institution
- a Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return.
- eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.
Expenses will be subject to verification and audit by the Government of Canada. Funding will be delivered in partnership with financial institutions. More details, including the launch date for applications under the new criteria, will follow in the days to come
For more information, go to:
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