As the financial impacts of the pandemic continue to affect Albertans, Alberta businesses, non-profit organizations and charities can seek support from the federal government through the newly released Canada Emergency Rent Subsidy (CERS). CERS Highlights include:

• CERS is available to an entity that:
  • had a business number as of September 27, 2020 or a payroll account as of March 15, 2020
  • rents a premise or owns the premises with debt secured by a mortgage for the use of the entity in the ordinary course of business
    
    
• Businesses may qualify for one of two subsidies under CERS: Base rent subsidy and Lockdown support (calculated here)
  • For the Base rent subsidy, there is no requirement to prove that the revenue decline was a result of the pandemic.
    
    
• CERS replaces the Canada Emergency Commercial Rent Assistant (CECRA) program, which ended September 30, 2020

Exploring all funding available from the Government, along with collaboration between landlord and tenant, can go a long way. A revised rental agreement, for instance, could include a lease extension, leveraging assets as collateral or offering a personal guarantee. 

If you need support in renegotiating your lease, or understanding what options are available to you, McLeod Law’s Commercial Real Estate group is here to help. Contact any of our team for a consult, to explore your options.