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Learn more about Chamber Circles for Women and Entrepreneurs
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This new program replaces the Canada Emergency Commercial Rent Assistance (CECRA) which by early October has delivered more than $1.8 billion in rent support to more than 130,000 small businesses.
The CERS will provide financial support to help businesses, charities and non-profits who’ve suffered a revenue drop due to the pandemic by subsidizing a percentage of their expenses on a sliding scale, up to a maximum of 65% of eligible expenses, until Dec. 19, 2020.
Unlike the CECRA, businesses do not require a 70% revenue decline to qualify. Even with a decline of 1%, businesses can still qualify.
For example:
This means for each 1% of revenue decline, you are entitled to a 0.8% rent subsidy. Once you hit a revenue decline of 50%, the calculation changes to a 1.25% subsidy for each 1% decline in revenue, up to a maximum subsidy of 65%.
Also, a top-up CERS subsidy of 25% will be available for companies that are temporarily shut down or “significantly limited” by a mandatory public health order. Applications will be made directly to the CRA (Canada Revenue Agency) for this subsidy, not through the landlord.
Expenses that are eligible for the CERS include commercial rent, property taxes and property insurance (capped at $75,000 per month). This formula is applicable until Dec. 19, 2020 and retroactive to Sept. 27, 2020.
More details outlining the program between Dec. 20, 2020 and June 2021 are expected to be released towards the end of this year.
The CRA is expected to announce shortly when businesses can begin to apply for the CERS.
For further details, visit: www.canada.ca/en/department-finance/news/2020/11/canada-emergency-rent-subsidy.html |
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Brian Rodnick 222 November 28, 2024 |
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Greg Durocher 41 July 28, 2023 |
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Canadian Chamber of Commerce 24 January 29, 2021 |
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Cambridge Chamber 2 March 27, 2020 |
The Federal Government has unveiled details of its new commercial rent subsidy program, the Canada Emergency Rent Subsidy (CERS).
750 Hespeler Road Cambridge, ON N3H 5L8
Phone: 519-622-2221
Fax: 519-622-0177
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