This is an unprecedented time in our history and we are keenly aware of the far-reaching financial strain that this pandemic is having on all of us.
We know that people are understandably anxious about their ability to meet financial obligations and are looking to CMHC for support and assistance. Please be assured that our singular focus at this time is determining what that support will be in the coming weeks, months and years. We are exploring all possible resources available for financial relief. Below for your information is a summary of the COVID-19 Federal Emergency Response Package.
We can immediately confirm that CMHC is prepared to provide rent relief for the months of March and April for those tenants impacted by COVID-19. Tenants who wish to submit a request for rent deferrals or rent relief must email email@example.com with the subject line: Rent Relief Request – Name of Business.
CMHC will consider further support as we continue to assess the impacts of the pandemic, and we will keep you informed of new developments.
COVID-19 Federal Emergency Response Package
The Prime Minister has announced an $82-billion aid package to help Canadians and businesses cope with the COVID-19 pandemic, including income supports, wage subsidies, and tax deferrals. Read the full economic response plan here.
There are reassurances that people without paid sick leave as well as people who don’t typically qualify for Employment Insurance (EI) will be eligible for benefits. Two different programs are being created:
- An Emergency Care Benefit of up to $900 bi-weekly for up to 15 weeks to provide income support to workers who must stay home and do not have access to paid sick leave. This includes those who are self-employed, sick or quarantined, and those who are staying home to look after others and children who are not in school. The measure could disburse up to $10 billion.
- An Emergency Support Benefit from the Canada Revenue Agency to provide up to $5 billion in support to workers who are not eligible for EI and who are facing unemployment as a result of COVID’s impact.
The Government is introducing more flexibility for taxpayers and businesses experiencing hardships during COVID-19:
- The tax filing deadline for individuals will be extended to June 1, 2020.
- They are allowing taxpayers and businesses to defer until after Aug. 31, 2020 the payment of any income tax amounts that are due after today and before September without penalty.
The Government is proposing a temporary wage subsidy program for small businesses:
- Eligible small businesses would qualify for a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer to encourage employers to keep their workers on the payroll
Additional relief measures were also announced regarding Child Benefit payments, the Reaching Home homeless care program, homeowner mortgage payments, student loan payments, and Indigenous community support.
This is only the first phase of economic support. The approach is meant to be elastic and designed to expand depending on need.
We will continue to share updates with our tenant community and the general public through tenant memos, website and social media updates. Thank you all for your continued attention to these communications as we work together to mitigate the impacts of COVID-19 on Granville Island.