The federal government is providing rent relief to businesses that can’t afford to pay their landlords at a time when their operations are seriously curtailed or shut down due to the COVID-19 pandemic.
The federal help, expected to lower rent by 75 per cent for affected small businesses, will be provided in partnership with the provinces and territories, which have jurisdiction over rents.
It is expected the new program will be operational by mid-May, with commercial property owners lowering the rents of their small business tenant’s payable for the months of April and May, retroactively, and for June.
“We will also have more to say in the coming days about rent support for larger businesses,” Prime Minister Justin Trudeau said in his daily public briefing Friday.
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