Commercial Lease Rent Deferral Program

To support small and medium-sized businesses, landlords are encouraged to defer rent payments from their commercial tenants for 3 months, spreading the deferred rent amount over the rest of the lease term.

If you’re deferring rent because your tenant’s business is closed to the public due to the related to the COVID-19, pursuant to the Public Health Act,  you could be eligible for coverage (up to a maximum of $50,000 per landlord and $15,000 per tenant) if you can’t recover the deferred rent.

To be eligible for the COVID-19 Small Business Rental Deferral Guarantee Program, landlords must register with Finance PEI by April 20, 2020 by emailing financepei@gov.pe.ca:

  • the legal name of qualified landlord
  • for each deferral agreement:
    • the legal name of the qualified business
    • the address of the qualified establishment
    • total dollar amount of rent being deferred for the period of 1 April to 30 June 2020
By April 30, 2020, the landlord is required to submit a Commercial Lease Rent Deferral Program Application for each tenant it has entered into a Rent Deferral Agreement with, together with a signed copy of that Rent Deferral Agreement.

Email: financepei@gov.pe.ca

For more information, read the Commercial Lease Rent Deferral Program documentation

 

Published date: 
March 30, 2020