Businesses struggling to pay the payments due to the COVID-19 pandemic will be capable to begin making use of right now for a long-awaited new business rent-relief program supplied by the federal authorities.
The new Canada Emergency Rent Subsidy replaces an earlier rent-support program for companies launched within the spring that noticed little pickup as a result of it relied on landlords to use for assist.
The new program will cowl as much as 65 per cent of hire or business mortgage curiosity on a sliding scale based mostly on income declines, with an additional 25 per cent out there to the hardest-hit companies.
Federal cupboard ministers will spotlight this system throughout a information convention this morning during which they will even open two initiatives designed to assist companies owned by Black Canadians.
The Canadian Federation of Independent Business, which represents hundreds of small corporations throughout the nation, is welcoming the brand new hire program as lengthy overdue for companies severely affected by COVID-19.
However, it’s criticizing the federal government for not opening it to companies that may have certified for the earlier rent-relief program, however could not entry federal funds as a result of their landlords selected to not apply.