Commercial Tenancy Relief Scheme Extension

16 Feb

The Victorian Government will extend the Commercial Tenancy Relief Scheme (CTRS), providing rent relief and protections for commercial tenants and landlords experiencing hardship through the latest wave of the pandemic.

Who can apply for this fund?

The extended scheme will be available to businesses with an annual turnover of $10 million or less and which have suffered a decline in turnover of at least 30 per cent due to COVID-19.

Businesses that have been indirectly impacted by the COVID-19 pandemic, for example by lower demand or fewer customers, are also eligible, even if their operations were not closed due to restrictions.

When is the Scheme being reintroduced?

The scheme will operate retrospectively from 16 January 2022 to 15 March 2022.

How to apply?

Eligible tenants must make a separate and further request to landlords for rent relief pursuant to the 2022 Regulations. However, a landlord and tenant can continue with a previous rent relief agreement for the New Protection Period by agreement.

Tips from Cloud8:The extended Scheme provides protections to eligible commercial tenants and landlords with a ban on rent increases and on evictions where the tenant and landlord have not undertaken mediation through the Victorian Small Business commission (VSBC). Furthermore, VSBC also can provide a free mediation session with an experienced, impartial mediator where a fair rent relief agreement can’t be reached.

Landlords’ benefits

The Commercial Landlord Hardship Fund will be extended to 22 March 2022. The $20 million fund will support commercial landlords that provide rent relief to their eligible tenants.

Available source

Business Victoria

For more details contact Cloud 8 today for an obligation free appointment! The sooner we get started; the sooner we can help you to alleviate the financial hardship you faced now.

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