The government is acting to ease the financial pressures faced by small business and property owners during the COVID-19 outbreak. We are committing $241 million to partner with the federal government and deliver more than $900 million in urgent relief to small businesses and their landlords through a new program, the Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA).
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.
The OCECRA would be administered by the federal government, under the Canada Mortgage and Housing Corporation (CMHC), which will provide more details on application process. The support program would be retroactive to April 1, covering actions from April, May and June 2020.
Our government is urging the federal government to move as quickly as possible to distribute the loan amounts.