As the COVID-19 pandemic continues to impact businesses, many commercial tenants are struggling to pay their rent. In response, the Canadian government launched the Canada Emergency Commercial Rent Assistance (CECRA) program. The program offers a rent reduction agreement for eligible small businesses, in which the landlord would take a 25% rent reduction, the government would cover another 50%, and the tenant would pay the remaining 25%.
If you`re a commercial tenant in Canada, you may be wondering about the details of the CECRA rent reduction agreement. Luckily, the government has made the CECRA rent reduction agreement available as a PDF document on their website.
The CECRA rent reduction agreement PDF outlines the requirements for both landlords and tenants to participate in the program. For example, to be eligible for the program, the tenant must have experienced at least a 70% decline in revenue due to COVID-19. The agreement also includes details on how the rent reduction will be calculated and how payments will be made.
One important thing to note is that the CECRA program has recently been extended until the end of September 2020. This means that eligible tenants can receive rent relief for the months of April through September.
If you`re interested in applying for the CECRA program, the first step is to speak with your landlord. Landlords must apply for the program on behalf of their tenants, so it`s important to communicate your intention to participate.
Once your landlord has applied and been approved for the program, you`ll need to sign the CECRA rent reduction agreement. The government has made this document available as a fillable PDF, so you can easily complete it electronically.
Overall, the CECRA rent reduction agreement PDF is an important resource for commercial tenants in Canada. By understanding the requirements and details of the agreement, you can make informed decisions about your participation in the program. If you`re struggling to pay your rent due to COVID-19, the CECRA program may be able to provide much-needed relief.