EIO Insight Newsletter: Canadian Emergency Rent Subsidy

Have your revenues dropped due to COVID-19?

Many small businesses are struggling to stay afloat and cover their fixed costs, such as rent and insurance, while taking a negative impact on their revenues. Government assistance has emerged to help businesses pay for their rent, but many have had their fate put into the hands of their landlords to apply for the assistance. The new Canadian Emergency Rent Subsidy (CERS) is being introduced to provide rent relief for businesses and allows these businesses to apply to the assistance directly as opposed to waiting for their landlords to do so. What is the CERS and how does it work for small businesses?

• Rent and mortgage support available until June 2021 for qualifying organizations impacted by COVID-19
• Funds go directly to the business, not the landlord
• Can cover up to 65% percent of eligible expenses until December 19 2020
• Businesses are able to make claims retroactively for the period that began September 27 and ends October 24, 2020
• A top-up CERS of 25% for businesses temporarily shut down by a mandatory public health order issued by a qualifying public health authority—in addition to the 65% subsidy,—grants up to 90% of coverage for the hardest hit businesses!

Have your revenues dropped due to COVID-19?

Many small businesses are struggling to stay afloat and cover their fixed costs, such as rent and insurance, while taking a negative impact on their revenues. Government assistance has emerged to help businesses pay for their rent, but many have had their fate put into the hands of their landlords to apply for the assistance. The new Canadian Emergency Rent Subsidy (CERS) is being introduced to provide rent relief for businesses and allows these businesses to apply to the assistance directly as opposed to waiting for their landlords to do so. What is the CERS and how does it work for small businesses?

• Rent and mortgage support available until June 2021 for qualifying organizations impacted by COVID-19
• Funds go directly to the business, not the landlord
• Can cover up to 65% percent of eligible expenses until December 19 2020
• Businesses are able to make claims retroactively for the period that began September 27 and ends October 24, 2020
• A top-up CERS of 25% for businesses temporarily shut down by a mandatory public health order issued by a qualifying public health authority—in addition to the 65% subsidy,—grants up to 90% of coverage for the hardest hit businesses!

Need help navigating government assistance programs? Schedule a meeting with an EIO Expert to determine your eligibility and for support in filling out applications!