May 20, 2020
On May 1, 2020, the Canada Mortgage and Housing Corporation (“CMHC“) provided its update on the Canada Emergency Commercial Rent Assistance program (“CECRA“) as the body charged with CECRA’s implementation and administration1. On May 14, 2020, additional details were provided by CMHC on eligibility for the program and on the application process2. On May 19, 2020, CMHC provided guidance on how the application process will proceed, and provided sample documents for commercial property owners to review in advance of the application portal opening in mid-May 20203. Further, CMHC has included reasons compelling landlords to apply for the program (as it has not been generally well-received by landlords) including, but not limited to, the lack of rental income for a landlord if a tenant cannot afford to pay its rent (i.e., 75% of rent is better than nothing) and the costs of finding new tenants.
May 20, 2020
Prime Minister Shri Narendra Modi announced Rs 20 lakh crore fiscal stimulus equivalent to 10 per cent of India’s GDP to deal with COVID-19 situation in the country, the Union Finance Minister Nirmala Sitharaman announced the following changes in the various other sectors to promote the motto of Self Reliant India and boost the economic status of the Country.
May 18, 2020
By Nicolas Melillo, from our Insurance Law Practice Group
May 18, 2020 — Following the state of health emergency decreed by government, and in accordance with the health measures that have been progressively imposed, condominiums have adopted measures alongside the government’s instructions.
May 13, 2020
On May 12, 2020, the provincial legislature approved (temporary) amendments to the Condominium Act, 1998 (the “Act“) as part of Bill 190, the “COVID-19 Response and Reforms to Modernize Ontario Act, 2020“. Read the full article.
May 8, 2020
In a decision with implications for condominium collections in Massachusetts, the U.S. District Court in Massachusetts on May 6, 2020 issued an order prohibiting the State Attorney General from enforcing parts of the March 27 emergency regulations restricting consumer debt collections during the COVID-19 state of emergency. As discussed in our April 7, 2020 client alert, those regulations banned debt collectors from calling debtors and initiating “collection lawsuits.”
May 4, 2020
Executive Order No. 145 of 1st May, 2020 suspends evictions and launches, and freezes rental fees during the state of emergency.
You may access the decree here
April 30, 2020
Within the last ten days, Governor Charlie Baker has signed into law two new acts intended to address the significant economic and legal disruptions caused by the novel coronavirus pandemic and the Commonwealth’s state of emergency response.
The first, An Act Providing for a Moratorium on Evictions and Foreclosures During the COVID-19 Emergency, does just what its title states.
The second, An Act Providing for Virtual Notarization to Address Challenges Related to COVID-19, is more limited and is intended to promote, rather than restrict, legal action.
This alert outlines key provisions of and guidance for complying with these new laws. Read more…
April 28, 2020
By Sydney Warshaw, Sara Laraichi and Herbert Z. Pinchuk, from our Business Law Practice Group
April 28, 2020 — On April 16th, Prime Minister Trudeau announced a new measure to support small businesses struggling to pay their monthly rent. The Canada Emergency Commercial Rent Assistance (CECRA) program will be a partnership between the Federal and Provincial Governments to offer forgivable loans to commercial property owners, who can then pass these resources onto their small business tenants for the months of April (retroactively), May, and June.
April 28, 2020
On the evening of Friday April 24, 2020, the Ontario government expanded the scope of its emergency orders to now address various issues relating to condominium owner and board meetings. The orders are retroactive to March 17, 2020 and will apply, unless amended further, for the duration of the emergency order. Read the full article.
April 28, 2020
Canadian individuals and businesses in all industries are experiencing financial hardships as a result of the 2019 novel coronavirus disease (“COVID-19“). Those in the commercial real estate business are no exception, as landlords, tenants, real estate developers, and property managers are all attempting to navigate the pandemic’s effects. While tenants attempt to negotiate relief from their lease obligations, landlords are concerned with the absence of relief from mortgage or realty tax payments, creating a clear tug-of-war between these parties during an increasingly difficult time. Read the full article.