Trudeau urges commercial landlords to offer tenants relief through federal program GlobeBusiness
Landlords that do sign up can receive a forgivable loan to cover half monthly rents in April, May and June, so long as they drop rents by at least 75 per cent over the same period.Speaking outside his Ottawa residence, Trudeau said Wednesday that businesses facing a rent crunch will need to hold on through the COVID-19 pandemic and help with an eventual economic recovery, instead of closing up and slowing the rebound.
“That’s why making sure we’re supporting the businesses we have now to be able to stay in their spaces as we slowly restore our economy is going to be important, and we certainly expect landlords to be part of the solution.” The announcement was one of two the Liberals made Wednesday about aid programs that are providing $151.7 billion in direct spending, and tens of billions more in loans and financing.Federal figures posted Wednesday show that two of the biggest programs have seen bumps in applicants and payments.
Earlier in the day, the government unveiled details of a bridge financing program for large companies, saying that any receiving loans will have to give the government the option to take an ownership stake, or provide a cash equivalent. “The idea behind the warrant is to make sure that if the firm does well that Canadians, and Canadian taxpayers, share in that upside,” he says.The Liberals have said the loans would be on commercial terms, and require companies to have already gone to banks or the market and been unable to meet their financial needs.
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