The Federal Government announced a one-month extension to the joint Federal and Provincial Canada Emergency Commercial Rent Assistance (CECRA) initiative, which aims to encourage landlords to provide eligible small business owners subsidized rent reductions. To be eligible for the July CECRA extension, a tenant must be approved for the April, May and June period and update their CECRA application accordingly. However, not all tenants in the original application need to be included in the July extension.
Additionally, the requirement to claw-back insurance proceeds and provincial rent supports from CECRA has been removed for new and existing applications. Existing applicants who are affected by this change will be notified and any clawed-back amounts will be restored to their forgivable loan. Application information for CECRA, including the July extension, can found on Canada Mortgage and Housing Corporation (CMHC) website.
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