RENT RELIEF and WAGE SUBSIDY
As mentioned in a Dealer Alert earlier this month, the Federal Government has moved to create a more targeted response to lease and rental costs for businesses, a new Canada Emergency Rent Subsidy (CERS), in addition to extending the Canada Emergency Wage Subsidy (CEWS).
We now have some more details:
Applications opened as of Monday, November 23, 2020 for the rent relief:
The first and main feature businesses will appreciate is this subsidy does not require the participation of landlords.
• Provides direct and easy-to-access rent and mortgage interest support to tenants and property owners until June 2021 for qualifying organizations affected by COVID-19. The new rent subsidy would support businesses, charities, and non-profits that have suffered a revenue drop by providing support up to a maximum of 65 per cent of eligible expenses until December 19, 2020. The government is proposing to allow claims retroactively for the period that began September 27 and ended October 24, 2020.
• New Lockdown Support, which would provide an additional 25 per cent through CERS for qualifying organizations that are subject to a lockdown and must shut their doors or significantly limit their activities under a public health order issued under the laws of Canada, a province or territory (including orders made by a municipality or regional health authority under one of those laws).
• An extension of CEWS until June 2021. The wage subsidy would remain at the current rate of up to 65 per cent of eligible wages until December 19, 2020.
More information and apply here: