A federal spending watchdog says a program aiming to provide rent relief to small and medium-sized businesses will cost just under $1 billion this fiscal year.
The report this morning from the parliamentary budget officer says the commercial rental-assistance program will now cost $931 million after it was extended through to August.
The updated spending projections from the parliamentary budget office still put the program on a track to provide less help than the nearly $3 billion the Liberals budgeted.
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The program provides forgivable loans that cover half of rent for eligible small businesses, and also requires landlords to waive a further one-quarter of what they’d otherwise be owed.
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The Canadian Federation of Independent Business is warning that too many small businesses still haven’t been able to access the help because it relies on landlords to apply and sets a very high bar for revenue losses to qualify.
The association is asking the government to allow tenants to directly apply for help.
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