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.