As Catherine Barrie Accounting continues to follow the day to day new developments. Working closely with our clients and general public through this pandemic. We bring you this important update.
Trudeau announced Ottawa had come to an agreement with the provinces and territories on a national commercial rent subsidy plan.
James Dunne reports
“Huge relief, small businesses welcome Ottawa’s commercial rent relief program despite concerns”
After more than a month of closures due to COVID-19, small business owners and commercial landlords got welcome news from Prime Minister Justin Trudeau on Friday.
Trudeau announced Ottawa had come to an agreement with the provinces and territories on a national commercial rent subsidy plan.
For hairstylist Olivia Braido, owner of Lavish Salon in Sault Ste. Marie, Ont., hearing that was “just a huge, huge relief.”.”For me and a lot of young business owners locally, it’s going to be the thing that makes us, not breaks us.”We are sure a lot of business in Barrie and the surrounding area feel the exact same way. The article goes on further to read.
The update on the Canada emergency commercial rent assistance (CECRA) program was also welcomed by landlords and small business advocates.
“I think a lot of businesses will actually be saved by this,” said Jon Shell, the co-founder of advocacy group Save small business “It’s the first real action on fixed costs.”
Catherine Barrie Accounting suggests you jump over and read the full article here. As it covers how this new CERCA will work. Please follow the link here
While alot of business are desperately waiting and were hoping for some sort of rent releif.
Natalia Goodwin of CBC NEWS asks if this is enough? “Businesses are praising the federal and provincial governments for a new rent subsidy program designed to offer help during the COVID-19 pandemic, but some say it might not be enough for them to stay open” is the headline paragraph in her article.
On Friday the federal government announced a relief program , funded jointly by the provinces, that would provide non-repayable loans to commercial property owners to cover up to 50 per cent of their rent for April, May and June.
While it’s a “step in the good direction,” it won’t be a cure-all for the economy, Either as many businesses will have other loans and costs to pay after months of lost revenue.
“There’s the wages for the employees and all the fixed costs, utilities and the like. So it’s not just about the rent part. There’s other fixed costs that will stay the same Please feel free to read this full article here
Now more then ever is the right time to take a good hard look at your finances, and your tax situation. If you have any questions, or concerns. Need advice, or someone to look over your personal, or business taxes. Catherine Barrie Accounting CPA,CGA,MBA is here to help. With over 25 years of professional accounting to help guide you, or your business. I have the experience to and understanding to get it done right.
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