Prime Minister Justin Trudeau unveiled his new Canada Emergency Rent Assistance program Friday.
It’s designed to help small business owners in Canada who have had to cease operations because of COVID-19.
It could lead to rent reductions of as much as 75 per cent.
A deal has been reached with all the provinces and territories to pay the commercial owner a forgivable loan of 50 per cent of their rent for 3 months.
It would be forgivable if the owner drops the rent to 75 per cent for those 3 months.
The rent must be less than 50 thousand a month, the business forced to close because of the virus, and show a 70 per cent drop in business since the days before the corona virus.
