Government of Canada expands Regional Relief and Recovery Fund to provide further support for businesses
By Don Norman
A central part of Canada’s COVID-19 Economic Response Plan has been the Regional Relief and Recovery Fund, which helps support those who may not be eligible for other programs. On October 2nd, Minister of Economic Development, Melanie Joly announced that the Government of Canada will provide an additional $600 million to support workers and businesses through RRRF. This additional investment brings the total RRRF support to over $1.5 billion, helping businesses and organizations weather the impact of COVID-19.
Part of that funding will be distributed by the RDAs to Community Futures (CF) organizations, including the local Community Futures Winnipeg River (CFWR), in order to target businesses and organizations in rural communities across the country.
“Businesses of all sizes have been hit hard by COVID-19, and the Regional Relief and Recovery Fund is here for them, protecting thousands of jobs across the country. With the second wave underway, we’ve heard loud and clear that more support is needed. That’s why we’re announcing a top-up to the RRRF to help even more Canadians. Our message to them is clear: we’ve been here for you with significant measures, we’re here for you now and we’ll get through this, together. We’re working with you to support good, local jobs and help our economy come back strong.” said Joly.
In a statement sent to the Advocate on October 14, the CFWR explained that if your business revenue is down and you still have bills to pay, the RRRF may be the answer. “Up to $40,000 can be lent to help cover operating expenses such as taxes, utilities, salaries, rent, insurance and other regular operating costs. The loan must be repaid in full by December 31, 2025, but if you repay 75% of the loan by December 31, 2022, the remainder is forgiven,” noted the statement.
If the RRRF seems right for your business, visit https://www.wd-deo.gc.ca/eng/20069.asp for program details and to access the online application portal. CFWR has other business services that include business planning and consulting; access to various business resources; the Self-Employment Program; and their regular business loan fund for new or expanding business capital. CFWR can be reached at 204-345-8691 or firstname.lastname@example.org to discuss your existing business needs or your entrepreneurial ambitions.