The Government Takes Action…

I had posted Friday, about the urgency for action to protect small businesses and restauranteurs from being evicted from their foot holds. That morning Prime Minister Trudeau delivered his daily update, announcing the Canada Emergency Commercial Rent Assistance or CECRA.

Is this just pure coincidence? Yes it is actually. But still a welcomed announcement.

From many accounts this appears to be a sizeable measure to help small businesses and landlords continue to weather the impacts of COVID-19. Providing a 75% break on rent should their landlord participate, will help many restaurants and other small businesses find the revenue hopefully to see them through to the end of this pandemic.

For many small businesses and restaurants across the country it comes as as a welcomed relief to the burden thrust upon them by COVID-19. Is it full relief though? No. There is still the risk to small businesses and restaurants should their landlords choose not to participate in the program. As well as I said in my last post, there is no legislation to protect commercial tenants from eviction from the provinces (save for New Brunswick).

All things considered though, I am pleased by this plan. Both provincial and federal levels of government coming together to tackle this problem. Any landlord should be able to put two and two together and see the benefits of this program. It gives them a path forward to protect their investments over the long term. A collapse of small businesses and restaurants would prove to be devastating to them in a post COVID-19 world. No one needs boarded up storefronts in prime real estate. This plan helps to prevent that.

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