Small and medium businesses across Canada can expect to have their rent lowered by 75 per cent for the months of April, May and June, Prime Minister Justin Trudeau announced today.
Trudeau provided more details of the Canada Commercial Rent Assistance program launched last week that will see rents lowered for small and medium businesses across the country.
The plan is designed to help businesses have been strongly affected by the pandemic.
Businesses whose rent is lower than $50,000 a month can apply for the program that will see the federal government subsidize 50 per cent and property owners provide the remaining 25 per cent.
Non-profits are also eligible for the program.
Trudeau said that more details for larger businesses will be announced in the coming weeks.