Fri, 24 Apr 2020
Mayor Rob Burton welcomes with delight today’s announcement by Prime Minister Justin Trudeau and Premier Doug Ford providing the rent relief for the commercial tenants and landlords including the foodservices industry that the Mayor and others had written requests for several times this month.
The plan, which will be funded jointly with the provinces, will provide non-repayable loans to commercial property owners to cover 50 per cent of rent for April, May, and June.
“Town Council and I heard from local businesses about the need for rent relief. Earlier this month I had written letters on behalf of our Oakville Economic Task Force and the restaurant industry to our local MPPs and MPs to highlight the immediate need to assist businesses by temporarily suspending the eviction of commercial tenants and providing a rent subsidy while working with commercial landlords so they have the ability to offer concessions,” said Mayor Burton. “I would like to thank our local MPs and MPPs for listening and bringing our voice to Ottawa and Toronto.”
In order to qualify, small business tenants must pay less than $50,000 a month in rent and have experienced a drop of revenue of at least 70 per cent from before the COVID-19 pandemic or been forced to shut down.
The loans will be forgiven if the property owner agrees to cut the rent by at least 75 per cent for April, May, and June and promises not to evict their tenants. The rest of the remaining rent must be covered by the small business tenant. In addition, the government is also offering a $40,000 loan to businesses, $10,000 of which can be non-repayable.
“I am pleased that all levels of government are responding to the needs of residents and businesses here in Oakville. Oakville’s Economic Task Force will continue to seeks ways to provide support for Oakville businesses as we look ahead to the recovery of our local economy,” concluded Mayor Burton.