The Canada Emergency Rent Subsidy (CERS) will provide rent and mortgage support to small businesses affected by COVID-19. The subsidy will be administered by the CRA and will provide support directly to tenants.
Most recent update: On November 19, Bill C-9, which creates CERS, received Royal Assent. The CRA will launch the new Canada Emergency Rent Subsidy on Monday, November 23 to provide rent relief directly to tenants experiencing a revenue decline due to COVID-19. The program is expected to run until June 2021. More details regarding eligibility requirements and the application process will be announced soon.
CERS Program Overview
Amount businesses can receive: The subsidy will be available on a sliding scale (with a maximum amount of 65%) for businesses that can demonstrate a revenue loss up until December 19, 2020. An additional top-up of 25% (maximum possible subsidy of 90%) will be available for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority.
Program duration: November 2020 to June 2021
How to apply: Through the CRA. The program link is not yet available.
When to apply: Like the CEWS, businesses will need to apply for the rent subsidy after the month has passed. This means that applications for October will likely not be available until November. While applications are not expected to open until November, claims can be made retroactively to cover the period September 27 to October 24, 2020 once available.
Application deadline: Not yet announced by the government.
CERS will replace the Canada Emergency Commercial Rent Assistance (CECRA), which ended on September 30, 2020 for new applications and October 30th for extensions. Have questions about your eligibility? please book a free Consultation with OpenGate. We are actively monitoring all updates and will be glad to help you with acquiring funding for your business.