Coronavirus outbreak: Morneau says rent relief for businesses includes moratorium on evictions

Finance Minister Bill Morneau elaborated further regarding the Canada Emergency Commercial Rent Assistance Program, which will offer qualifying commercial property owners forgivable loans covering 50 per cent of impacted tenants rent, in exchange for providing at least 75 per cent in rent reduction and a moratorium on evictions. He said tenants who pay less than $50,000 in rent and have experienced at least a 70 per cent reduction in revenues will qualify. Small businesses, non-profits and charitable organizations will be eligible. Landlords who have already offered such reductions or will retroactively do so can also apply, he said.