The Ontario government is providing relief for small businesses and landlords in the community that are suffering from COVID-19.

The province has partnered with the federal government and has committed $241 million in a new $900 million Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA).

“Small businesses in Ontario are experiencing real financial pressures during the COVID-19 outbreak and are struggling to pay rent,” warns Christine Hogarth, the MPP for Etobicoke-Lakeshore “We moved quickly to provide support so our small businesses are able to succeed once it’s safe to reopen Ontario.”

She says OCECRA will provide forgivable loans to eligible commercial property owners experiencing potential rent shortfalls because their small business tenants have been heavily impacted by COVID-19.

Property owners to obtain a loan are required to reduce the rental costs of small business tenants for April to June 2020 by at least 75% and commit to stop evictions for three months.

The province to help the downturn has also doubled the Employer Health Tax exemption for 2020 and cut taxes by $355 million that benefitted roughly 57,000 employers, according to an April 24 release.

They also eliminated penalties and interest to businesses who miss filing or remittance deadlines for various provincially administered taxes for five months starting in April and added up to $6 billion in cashflow for about 100,000 Ontario businesses.

“By subsidizing rent payments, reducing taxes, extending deadlines, and eliminating penalties and interest, we’re helping to ensure businesses can start up quickly when the time is right,” Finance Minister Rod Phillips says.

“This package of supports will help them get through these difficult days and resume normal operations as soon as possible,” promises Vic Fedeli, the Minister of Economic Development, Job Creation and Trade.

Visit news.ontario.ca for more information.