The rent subsidy program for small businesses was extended on July 31, 2020 to cover the month of August 2020. Tenants and landlords who initially applied for the period of April to July 2020 can now apply for August as well. The final date to apply for the rent subsidy in August is September 14, 2020.
Remember, small business tenants qualify for this program if they have experienced a 70% decline in revenue from the months of April 2020 to June 2020. They will not have to reassess if they are still experiencing a 70% decline in revenue in July or August 2020.
If you are a new applicant then you need to apply for the April 2020 to August 2020 period by the original due date of August 31, 2020.
Eligibility Criteria for Small Business Tenants
Small business tenants must meet the following criteria to qualify for the rent subsidy.
- If they pay less than $50,000 per month in gross rent per location.
- They have less than $20 million in annual revenue on a consolidated basis.
- They have experienced at least a 70% drop in their pre-Covid-19 revenues for the months of April 2020 to June 2020 when revenues are compared to the same period in 2019.