The Ontario and federal governments are partnering to provide urgent relief for small businesses and landlords affected by the COVID-19 pandemic.
Leeds-Grenville-Thousand Islands and Rideau Lakes MPP Steve Clark says small businesses in Ontario are experiencing financial pressures during the COVID-19 outbreak and are struggling to pay rent.
“We moved quickly to provide immediate support so our small businesses are able to succeed once it’s safe to reopen Ontario.”
The province is committing $241 million in the new Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA). More than $900 million will be provided in total from provincial-federal relief, according to a media release. The money will help ensure small businesses are ready to reopen their doors when the emergency measures are lifted.
The media release says if an eligible commercial property owner is experiencing potential rent shortfalls because their small business tenants have been heavily impacted by the COVID-19 crisis, this program will provide forgivable loans. To receive the loan, property owners will need to reduce rental costs of small business tenants for April to June this year by at least 75-percent and commit to not evicting any businesses for three months.
According to the release, Ontario’s $241 million investment in OCECRA is part of the $17 billion Ontario’s Action Plan: Responding to COVID-19.
