Today, the Federal Government announced the launch date of the Canada Emergency Commercial Rental Assistance Program (CECRA) and the launch of the application process for the Large Employer Emergency Financing Facility (LEEFF).
Prime Minister Trudeau announced that applications for the CECRA will launch starting on May 25, 2020.
The program, delivered in partnership with provincial and territorial governments will provide forgivable loans to landlords of 50% of monthly rent, with the expectation that landlords and tenants will each contribute 25%. The program applies to April, May and June rent.
The application will be available through the Canadian Mortgage and Housing Corporation.
The LEEFF will provide bridge financing to large Canadian employers to help preserve their employees, operations and investments. The program will provide loans of $60 million and above based on the applicant’s cash flow needs for the next 12 months. This program will be delivered by the Canada Enterprise Emergency Funding Corporation. See application information here.
Large for-profit enterprises in all sectors (except the financial sector) and certain not-for-profit enterprises, such as airports, are eligible. Additional criteria as follows:
Companies must commit to minimizing the loss of employment, sustaining their domestic business activities, and must demonstrate that LEEFF funding is part of their plan to return to financial stability. The program will be open while the current economic situation persists.
Terms & Conditions
Consult the Sussex COVID-19 Guide for information on supports made available across the Federal, Provincial and Municipal Governments.
As the details of the programs announced today become available, let Sussex help connect you with the right people in government to help your organization get through these extraordinary times.
Please reach out to your Sussex representative directly or to a member of the Federal Government Relations Team.