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View Bill Morneau Profile
Lib. (ON)
First of all my message would be to landlords. I think this is a really important program that will be supportive of landlords, and I think they should take advantage of this.
What we have seen, for landlords, is that many tenants cannot pay their rent. If they have a commercial tenant who can't pay rent, then they are much better off to get 75% of that rent—so 25% from the tenant and 50% guaranteed by the government—than to get potentially zero. That is a huge advantage for landlords. For tenants, obviously it's a huge advantage, because they can decrease their rent payment because of the support from government. That is my message.
This is a program that is just being rolled out. Of course, there are always concerns. It won't work for every single situation. The landlord-commercial tenant relationship is a provincial jurisdiction. We are trying to help to make this work by stepping in through the mortgage system. We think this can have a really big and important impact on small business in our country, and I would encourage landlords to be a part of it. I would encourage commercial tenants and landlords to work together to get through this.
Obviously, it will be helpful for all of us if those stores, which are making our lives so vibrant, remain along our streets when we get through this COVID-19 situation.
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