According to the Canadian Federation of Independent Business, a survey indicates one in three small businesses say rent relief remains a critical missing piece for their recovery.
RETAIL COUNCIL OF CANADA SAYS CECRA IS TOO COMPLICATED
The Retail Council of Canada said CECRA is too complicated, too restrictive with the threshold for revenue loss for tenants too high at 70 percent, and it is voluntary, requiring landlords to apply on behalf of tenants which it appears was not successful based on the lack of pick up.
“There’s been a challenge with the program from the get-go with respect to landlord participation,” said Karl Littler, Senior Vice President, Public Affairs at the Retail Council of Canada. “The program is a weird one which is if you benefit from it, it’s a godsend right. And if you do not benefit from it, it’s utterly useless to you.”
Another issue with CECRA is that only small business tenants paying less than $50,000 per month in gross rent in a given location are eligible which leaves out many bigger retailers.
You can apply for CECRA for small businesses until AUGUST 31, 2020.
Source: Retail Insider