New Program Covering 75 Per Cent of Rent For Struggling Small Businesses

Small businesses struggling during the COVID-19 pandemic are getting additional supports.

Prime Minister Justin Trudeau announced on Friday they’ve reached agreements with all provinces and territories to lower rent by 75 per cent for April, May, and June.

The federal government will cover two-thirds of the costs while the provincial and territorial governments will cover the other third.

Those who have been strongly impacted by the virus, including having to temporarily close their operations or have seen a 70 per cent drop in revenue, and were paying $50,000 thousand dollars a month or lower will qualify.

“They are the backbone of our families, our communities, and our economy,” said Trudeau. “That is why we will continue working closely with provinces and territories to make sure that Canadian businesses have the support they need during these difficult times.”

Charities and non-profits will also be eligible.

Trudeau adds they are planning on introducing supports for larger businesses in the near future.

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