To our valued residents, we want to assure you that we are here to support you as best we can. While we understand that many businesses have been forced to stop or modify their business operations, we continue to maintain, operate and support our properties. A significant concern for our residents, and many of you have already reached out to us directly, is the expectation around rental payments. In response to this, we have established a rent deferral program for those that need it.
We are in the process of responding to those of you who have already made requests, so please stay tuned. Do contact us at [email protected] should you require any assistance, if you have not yet made a request.
We are in this together, and we would like to see all our tenants succeed as we navigate this storm together. We also believe it to be a reasonable request that tenants research and apply for all the resources available to them, prior to (or in tandem with) your application for rental amendments.
The best place for businesses to find out what supports are available is at Canada’s COVID-19 Economic Response Plan, https://www.canada.ca/en/department-finance/economic-response-plan.html. Most resources applicable to our tenants will be found under “Support for businesses”.
Some additional key resources to highlight:
- Canada Emergency Wage Subsidy – The subsidy would cover 75 per cent of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15 per cent in March, and 30 per cent in April and May.
- Business Credit Availability Program (BCAP) – This program provides $40 billion of additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC)
- The Canada Emergency Business Account (CEBA) – Under CEBA, financial institutions will be able to provide interest-free credit facilities of up to $40,000 to eligible businesses (Note 25% of this loan can be forgiven if paid back by December 31, 2022). Small businesses and not for profits can apply.
- Loan Guarantee for Small and Medium Enterprises – EDC is working with financial institutions to issue new operating credit and cash flow term loans of varying sizes
- More time to pay income taxes – A deferral of income taxes owning for a period of time
If you are struggling and need more support or guidance for your business, we suggest you to visit the resources available at the COVID-19 Small Business Help Centre: https://www.cfib-fcei.ca/en/small-business-resources-dealing-covid-19.
This group suggests some prudent first steps are:
- Review your finances to understand the possible changes to your revenues and expenses.
- Make business continuity plan, which is essentially a plan to make it through this.
- Speak with your commercial insurance provider to understand any coverages that may help.
- Communicate often with your employees.
A further resource for help is BusinessLink.ca.
The COVID-19 pandemic is a crisis unlike anything ever experienced. We are in it together, even as we fight it from a safe distance from one another.
At Avenue Living, we believe it’s our Duty of Care to ensure our valued tenants have the best options possible during this unprecedented time. We hope that you have found this information valuable. Our efforts in communicating the above-mentioned support programs to you, is to allow you to get ahead of the application process, as well as to support you in whatever way we can.