BREAKING: Ford announces $900 million in rent relief funds for small and medium-sized businesses

Premier Doug Ford announced a near-billion dollar rent relief plan for small and medium size businesses in Ontario.

The $900 million relief plan, announced Friday at Ford's daily press conference addressing the province, is apart of the federal government's Canada Emergency Commercial Rent Assistance program.

The plan was announced this morning by Prime Minister Justin Trudeau, and will provide businesses with a 75 percent reduction in rent for April, May, and June.

"If you're able to, you must pay rent. But for the countless people out there, for those who have had their livelihoods impacted... We will have your back. We have frozen evictions so you won't lose your home, and today, I'll ask the prime minister to work with us on a program to support residential tenants," said Ford.

"Now, we must begin the hard work of recovery," Ford stressed.  

Ford said that a framework for reopening Ontario's economy would be announced next week. He said the plan would be gradual, as the health of the province remains the top priority.

"We will get through this together."

To be eligible, businesses and non-profits must be below a $50,000 threshold. Small businesses are also eligible.

Businesses are also eligible if they have break a 70 percent drop in revenue threshold.

"The program will provide forgivable loans to qualifying commercial property owners to cover 50 percent of  three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardships during April, May, and June," according to a press release from the Prime Minister's Office Friday.