25 May CECRA for Small Business Application
The CECRA for small businesses application portal opens at 8:00 a.m. EST on Monday, May 25th, 2020. Due to the large volume of expected applications, the Government is asking eligible commercial property owners in Ontario with up to 10 tenants to apply on Tuesday, May 26th. All other property owners in Ontario are encouraged to apply on Wednesday, May 27th.
See the full registration guidelines here.
To apply, you must provide attestations from yourself, a property owner, and your tenant or sub-tenant. You must provide specific property information, applicant information, and tenant information. You must provide a rent reduction agreement and forgivable loan agreement executed by yourself and your tenant. Sample documents have been provided by CMHC. We encourage you to contact your lawyer for assistance with these documents.
The CECRA program will provide unsecured, forgivable loans to eligible commercial property owners to cover up to 50 percent of small business gross rent for the months of April, May, and June. It requires property owners to offer a rent reduction of 75 percent to small business tenants for the corresponding three months.
If you have any questions, please feel to reach out to Leslie Fluxgold directly at lfluxgold@fijlaw.com or at 905 763 3770 x 210 for further information.
The material provided in this article is for general information purposes only. It is not intended to provide legal advice or opinions of any kind.
Leslie A. Fluxgold is a respected advisor to the business community, with a focus on commercial real estate and commercial lending. Having served as counsel for the Ministry of Municipal Affairs and Housing, practiced privately for over 20 years, and spent over 15 years acting for many of Canada’s leading commercial lenders, Les has the expertise and hands-on experience to guide clients through complicated real estate matters and commercial loan transactions. He identifies their objectives, assesses their options and gets them to the finish line.