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New commercial rent relief plan an improvement

10/14/2020

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The federal government unveiled a new plan last Friday to help commercial tenants struggling with a loss of revenue due to the pandemic.
 
The Chamber had called on government to replace the Canada Emergency Commercial Rent Assistance (CECRA), which expired last month. It suffered from low uptake and had faced criticism from many business that found it exceptionally difficult to implement.
 
The new Canada Emergency Rent Subsidy (CERS) will be provided directly to eligible tenants, unlike CECRA which relied on buy-in from landlords. The government touts CERS as providing "simple and easy-to-access rent and mortgage support until June 2021."
 
"A program that is easier to access is good news for many commercial tenants that are struggling right now," Chamber CEO Bruce Williams says. "The new plan is an improvement and allows businesses to plan for the winter and spring. We'll have to see how it's rolled out, and how well it works for our most vulnerable businesses in the tourism and hospitality sector."
 
Also announced Friday was an extension of the Canada Emergency Wage Subsidy until June 2021, and an expanded Canada Emergency Business Account offering access to an interest-free loan of $20,000 in addition to the initial CEBA loan of $40,000.
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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews Articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • The Chamber 1863
    • 1863-Indigenous
    • 1863-Early Chamber
    • 1863-History Events
    • 1863-Booms and Busts
    • 1863-Members & Communities
    • 1863-Women, people and organizations
    • 1863-Committees
    • 1863-Chairs and Chair Businesses
  • About Us
    • Emerge >
      • Emerge Events
      • Emerge Mentorship
      • Emerge Connect
    • Staff Directory
    • Board & Governance >
      • Governors
      • By-Laws, Plans & Reports
      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us