The new Canada Emergency Rent Subsidy, provides simple and easy-to-access rent and mortgage support until June 2021 for qualifying organizations affected by COVID-19. This program launch follows a commitment in the Speech from the Throne to provide direct financial support to businesses temporarily shut down as a result of a local public health decision.
This rent subsidy would be provided directly to tenants, while also providing support to property owners.
The new rent subsidy would support businesses, charities, and non-profits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65 per cent of eligible expenses until December 19, 2020. (Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020.)
A top-up Canada Emergency Rent Subsidy of 25 per cent for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority, in addition to the 65 per cent subsidy.
The new rent subsidy would pick up where CERCA left off, delivering direct, targeted, and accessible rent support to qualifying organizations affected by COVID-19 without the need to work through their landlords, providing a subsidy for eligible fixed property expenses, including rent and interest on commercial mortgages.
Please refer to this (not so) Quick Reference Guide for comprehensive program information.