A one-month extension of the Canada Emergency Commercial Rent Assistance (CECRA) program was recently announced by the Federal Government. This is the third month-long extension for CECRA which was originally intended to be effective from April to June 30, 2020. CECRA aims to encourage landlords to provide eligible small business owners with subsidized rent reductions. The CECRA program requires a 70% April to June year-over-year revenue reduction (or if a company was not operating during this time, a 70% decline of April to June 2020 revenues compared to the average of January and February 2020 revenues). Those who qualified for CECRA based on the initial parameters are automatically eligible for the July, August and September extensions. They can opt in for the additional months without reassessing whether they continue to have a 70% revenue decline in July, August or September. Participation in the one-month CECRA extensions is voluntary. Both existing applicants to the CECRA and new applicants are able to opt for the September rent reduction. If you have any questions about CECRA or any other Federal Government COVID-19 support programs for businesses, please reach out to your Bateman MacKay Business Advisor.
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