B.C. Minister of Finance Carole James has announced a program to provide rent relief for small businesses impacted by COVID-19. (File photo)
Osoyoos Time Staff
Thousands of small businesses in British Columbia will see their monthly rent reduced by at least 75 per cent, according to the new federal-provincial Canada Emergency Commercial Rent Assistance Program (CECRA).
“While many small businesses have closed their doors to help keep people safe and healthy, this has not stopped the bills from coming in,” said Carole James, Minister of Finance.
Launching in mid-May, the CECRA will see B.C. small businesses receive a total of over $300 million in federal-provincial relief, with B.C. contributing an estimated $80 million.
The 75 per cent reduction in monthly rent for small businesses affected by COVID-19 will be achieved by providing forgivable loans to cover 50 per cent of the rent payments for eligible small business tenants for April, May and June.
The loans will be forgiven if the landlord reduces the tenant’s monthly rent by at least 75 per cent. The commercial tenant would be responsible for covering 25 per cent, the property owner 25 per cent, while the federal and provincial governments share the remaining 50 per cent.
“This program is not just about providing relief for people today, it’s also about planning for our future and making sure that businesses and local economies are ready to be part of B.C.’s economic recovery,” James said.
