The federal government’s new commercial rent relief announcement is being applauded by stakeholders in Regina’s small business community.
Some, though, are waiting until money moves before giving their full approval as the COVID-19 pandemic continues.
“If the application process is simple, straightforward and easy to access I think it’s going to be rolled out really well,” said Colin Hall, who owns the Cathedral-area building housing his yoga studio and one other small business.
The assistance announced Friday grants eligible property owners access to a loan worth 50 per cent of their pandemic-affected small business tenant’s rent, forgivable as long as they lower their tenant’s fees by 75 per cent retroactively for April, and into May and June. That would leave property owners and renters on the hook for 25 per cent each of the regular monthly total.
“There’s a built-in loss of 25 per cent rental income built into that,” Hall said, “but the way I look at it is that’s better than a 100 per cent loss.
“It’s a ‘better-than-nothing’ situation.”
Regina Chamber of Commerce CEO John Hopkins says he was encouraged by the fact that stakeholders don’t need to go further into debt to access the program.
“The good thing to see is that it isn’t another loan,” he said. “That’s beginning to be part of the problem. There are so many loans and so many deferrals. There’s a balloon coming down the tracks.”
The cost and administration of the Canada Emergency Commercial Rent Assistance will be shared by the provincial and federal governments and should be accessible by mid-May.
Comments