The rollout of the Canada Emergency Rent Subsidy comes at a good time according to Prince George Chamber of Commerce CEO Todd Corrigall.
Corrigall told MyPGNow.com this initiative fills a lot of necessary gaps.
“It’s certainly a positive step forward now that it is open and available. I think what is most important is that to note is that they seemed to have fixed a lot of the issues that was being stated around the original rent subsidy and how it was laid out and how difficult it was to access it.”
The new program will cover up to 65 percent of rent or commercial mortgage interest based on revenue declines, with an extra 25 percent available to the hardest-hit businesses.
Corrigall added the thresholds may need to be adjusted if the COVID-19 pandemic continues to surge.
“So if a first step means 65%, that is certainly a great start but let’s say two months from now we are still seeing the same challenges it’s important to revisit those programs and be nimble enough to say we might have to revisit these programs and up it to 75%.”
It replaces an earlier rent-support program that saw little traction as it relied on landlords to apply for help.
“You put yourself behind the eight ball already if you are saying to somebody hey, you need to take this necessary step whereas before a business owner states here is a step that I can take that is of benefit to me, they are certainly more inclined to take that step.”
Corrigall mentioned a lot of businesses continue to operate with a wave of uncertainty.
“If we look at office space businesses they have been able to provide work from home opportunities or staggered entry into their workspaces. Retail, restaurant and food and beverage are relying on people coming in with staff being on hand and that’s where the larger challenge lies – how do we help support those small and medium businesses that have to be open to make their revenue.”