Prime Minister Justin Trudeau announced the Canada Emergency Commercial Rent Assistance Program on Wednesday.
The program is to help business owners who have lost most of their earnings due to the pandemic.
“Canadians want to know that their jobs are protected and their families are safe and healthy,” said Trudeau.
“That’s why we’re stepping up to provide support that will keep workers on the payroll, protect middle class jobs, and help Canadians recover quickly once we make it through these difficult times.”
The federal and provincial governments will cover 50 per cent in forgivable loans, while they’re asking landlords to absorb 25 per cent and for tenants to pay the remaining 25 per cent.
Applications for landlords of businesses will open on May 25th. If both the landlord and tenant qualify, funds will be distributed quickly.
This announcement comes after their expansion of the Emergency Business Account Program on Tuesday, and the extension of the business wage subsidy program last week.