COVID-19 Programs – CEWS / CERCA / CESB

This program is aimed to help lower rent by 75% for small businesses paying less than $50,000 per month in rent who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID revenues.  The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May and June.  Loans will be forgiven if mortgaged property owner agrees to reduce the small business tenants’ rent by at least 75% under a rent forgiveness arrangement.  Tenant covers remainder up to 25% of rent.  CERCA expected to be operational by mid-May and further details to come soon.

This program would provide support to students and new graduates who are not eligible for CERB or EI.  Would provide $1,250 per month for eligible students (or $1,750 for eligible students with dependents or disabilities).  The benefit would be available from May to August 2020.  More details to come soon.