The Ontario Government is committing $241 million to its portion of a commercial rent relief program. The relief is part of a Provincial-federal agreement announced this morning by Prime Minister Justin Trudeau.
“The vast majority of Ontario’s small businesses and landlords are struggling during this extraordinary public health emergency. That’s why we are doing everything we can to support them through these tough economic times, so they can hit the ground running when we are in a position to open up the provincial economy,” Premier Doug Ford said.
The plan will be known as the Commercial Rent Assistance Program (OCECRA). It’ll offer eligible property owners loans to cover up to 75% of their rent dating from April-June of this year. Property owners will also have to commit to a three month moratorium on evictions.
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