{"id":5481,"date":"2020-09-22T17:34:50","date_gmt":"2020-09-22T17:34:50","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=5481"},"modified":"2021-03-30T06:48:54","modified_gmt":"2021-03-30T06:48:54","slug":"financial-program-designed-specifically-for-small-businesses","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/financial-program-designed-specifically-for-small-businesses\/","title":{"rendered":"A Financial Program designed specifically for Small Businesses"},"content":{"rendered":"

\"\"
\nThe financial hardships due to COVID-19 have become very real for business in Ontario. Statistics Canada indicates that the pandemic has led to a significant in crease in business closures, and a decrease in business openings. In April 2020 business closures were more than twice than what was observed in April 2019, and openings fell by roughly 25% in the same period.<\/span><\/p>\n

Thankfully, there is some relief for business owners. The Canada Emergency Commercial Rent Assistance (CECRA) for small business provides assistance for businesses experiencing financial hardships due to the pandemic. They are currently offering a forgivable loan worth 50% of the value of your small business\u2019 rent each month. Think about how helpful this could be in preserving what you have left of your business, or if you are thinking of launching one this year. Loans like this could make that a reality, but how do you know if this loan is right for you?<\/span><\/p>\n

If you\u201d pay no more than $50,000 in monthly gross rent per location, generate no more than $20 million in gross annual revenues, calculated on a consolidated basis, or have experienced at least a 70% decline in pre-COVID-19 revenue, you are eligible for this loan. The decline of 70% in revenues is a common scenario, so lets see how these apply to you.<\/span><\/p>\n

If your small business was operating during April \u2013 June 2019, compare your gross revenues from April, May and June of 2020 to your revenues of April, May and June of 2019. If your small business was not operating during April \u2013 June 2019, compare your average gross revenues from April, May and June of 2020 to your average gross revenues for January and February 2020.<\/span><\/p>\n

Well, what if you own commercial property? Commercial property includes: retail, industrial, and office space. Properties with a residential component and multi-unit residential mixed-use properties are equally eligible with respect to their small business tenants.<\/span><\/p>\n

You can qualify for CECRA: with or without a mortgage, if you own commercial real property which is occupied by one or more impacted small business tenants, or if you enter (or have already entered) into a legally binding rent reduction agreement for the period of April, May and June 2020<\/span><\/p>\n

How is this program beneficial for you? CECRA for small businesses loans will be forgiven if you comply with all applicable program terms and conditions \u2014 including not recovering forgiven rent amounts from impacted tenants when the program is over. It will help ensure that tenants and sub-tenants are able to pay their rent for the period from April, May, June, July and August of 2020. Yes, as a landlord you could evict, but eviction and new rental process is expensive and these associated costs affect your profits.<\/span><\/p>\n

The primary objective is to provide rent relief to impacted small businesses quickly. The program is designed for property owners to support small business tenants operating at the property owner\u2019s location during the pandemic. <\/span>You might have more questions about how you qualify for CECRA, and we can help clarify eligibility. visit us at <\/span>https:\/\/www.matrixmortgageglobal.ca\/<\/span>to<\/span><\/a> learn more about the September 30th deadline to submit a new application.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The financial hardships due to COVID-19 have become very real for business in Ontario. Statistics Canada indicates that the pandemic has led to a significant in crease in business closures, and a decrease in business openings. 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