Rent almost due, business owners nervous about taking on additional debt

Noullett says an announcement is slated from the federal government to address a rental program but there are no details yet. They’re hoping to hear more before the end of the month.

But there’s no indication when it will be released.

“It’s going to take co-operation with all of the provinces with the federal government to get these programs out to tenants and their landlords. So we just don’t know if it’s going to be a uniform program throughout the country, or if Alberta is going to be different from B.C so we just really need these details so that business owners can move ahead,” Noullett said.

So she says it’s hard to make decisions and to know what businesses should do in their situation.

But she says local renters are seeing a mixed bag for how landlords are dealing with this.

Which have included rent deferrals for business owners.

“And then we’ve seen some landlords that just can’t give that sort of leeway to their tenants for various reasons. That’s why we do need clear lines from the government about who’s responsible for what payments and if there’s going to be any relief, what does that look like? In some cases landlords aren’t able to give that relief to their tenants directly, they don’t have the means to do that, and in other cases the tenants don’t have the means to pay. So we have to find some sort of solution in all of this.

She says rent rates vary across the city whether it’s a storefront or commercial business.

Adding, deferrals help, but business owners are saying deferrals and the ability to take on debt won’t address the issue they’re having right now when you have no revenue and unsure when revenue will come in again.

Noullett adds, the Canadian Emergency Business Account (CEBA) is a great loan if you qualify, but there are restrictions.

That loan can help with rent, payables, and labour costs.

According to Noullett, “In these last couple days I’m starting to see people rallying. And they’re figuring out these programs, figuring out what this could look like, they’re finding opportunities and that is the beauty of entrepreneurs that they have this internal drive that even when the chips are down they’re going to show up.”

Businesses can call the chamber to see what government programs fit your business and situation.

by Chantal Wagner

Rent almost due, business owners nervous about taking on additional debt

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