BREAKING: Trudeau government reduces rent for small businesses by 75 percent
Trudeau said that his deal with all provinces will decrease rent by 75 percent for April, May and June of 2020.
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Trudeau said that his deal with all provinces will decrease rent by 75 percent for April, May and June of 2020.
Prime Minister Justin Trudeau told Canadians that Ottawa has reached a deal to help aid small and medium-sized businesses during the coronavirus pandemic, which has left millions jobless.
Trudeau said that his deal with all provinces will decrease rent by 75 percent for April, May and June of 2020.
The move will help renters cover with rent by 50 percent from commercial rent reduction with property owners responsible for paying the remainder.
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View on YouTubeTo be eligible, businesses and non-profits must be below a $50,000 threshold. Small businesses are also eligible.
Businesses are also eligible if they have break a 70 percent drop in revenue threshold.
"The program will provide forgivable loans to qualifying commercial property owners to cover 50 percent of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardships during April, May, and June," according to a press release from the Prime Minister's Office Friday.
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