Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA)
Today, Ontario Premier Doug Ford provided more details on Prime Minister Justin Trudeau’s rent-relief announcement earlier this morning. The Premier said the province is committing $241 million of what is a total $900 million federal-provincial partnership to help Ontario small businesses and landlords pay rent during the COVID-19 pandemic.
According to the news release, the OCECRA will provide forgivable loans to eligible commercial property owners experiencing potential rent shortfalls because their small business tenants have been heavily impacted by the COVID-19 crisis. To receive the loan, property owners will be required to reduce the rental costs of small business tenants for April to June 2020 by at least 75 per cent and commit to a moratorium on evictions for three months.
As announced on Wednesday, the Canadian Armed Forces and the Public Health Agency of Canada will be providing support to Ontario long-term care and retirement homes. The five homes receiving federal support are:
Orchard Villa (Pickering)
Altamont Care Community (Scarborough)
Hawthorne Place (North York)
Holland Christian Homes’ Grace Manor (Brampton)
Premier Ford also announced that his government will be introducing the framework for reopening Ontario’s economy early next week.
*Above summary by Enterprise Canada