OTTAWA —The federal government announced last Friday that it has extended the Canada Emergency Commercial Rent Assistance (CECRA), its rent-subsidy program to support small businesses, by another month.
Under the original rent program known as CECRA, small businesses that have lost 70 per cent or more of their revenue due to the COVID-19 pandemic only have to pay 25 per cent of their rent. The provinces, territories and federal government combine to cover 50 per cent, while landlords cover 25 per cent.
Originally intended to cover April, May and June, CECRA was initially extended to include July. It will now continue into August.
“Despite the gradual lifting of restrictions and re-opening of businesses across the country, many small businesses continue to require assistance with their fixed costs to support them as they adapt to a new reality,” said the release from the Department of Finance. “This extension will help provide Canadian small businesses most impacted by the shutdown with an extended bridge to recovery.”