New assistance program to help commercial tenants, owners survive COVID-19 may fall short

A new program has been put into place to help out small businesses in Canada that are struggling with rent because of the coronavirus pandemic. According to the new bill, small business owners could see their rent reduced by as much as 75%, while landlords will have to pay more. The difference will be made up by small loans provided to the business owners. However, the bill has met with a mixed reception, with concerns on both sides.

Key Takeaways:

  • A new rent assistance program will help out Canadian business owners who can’t make rent due to the coronavirus.
  • The program means that property owners have to pay more, and renters have to pay less.
  • While there are some negatives, on the whole the program is a good thing for those who can’t pay rent.

“Rent relief for commercial properties is something many in the space have been clamouring for, but its announcement has received mixed reviews.”

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