2020 was NOT a good year...
First posted: May 13, 2020 – Ottawa, Ontario – Government of Canada
The COVID-19 pandemic has resulted in uncertainty and anxiety for small businesses and their employees in all regions of Canada. These businesses are at the heart of communities nationwide and are a source of local jobs and local pride.
Small businesses are the backbone of our economy, which is why the Government of Canada has implemented a series of concrete and tangible measures to help them retain their employees, pay rent and access capital to cover costs. Building on these measures, the new Regional Relief and Recovery Fund (RRRF) devotes nearly $962 million to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others that are key to the regions and to local economies.
The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, today announced that the RRRF is now accepting applications from businesses and communities. It is specifically targeted toward those that may require additional help to recover from the COVID-19 pandemic but have been unable to access existing support measures. Canada’s businesses are as diverse as Canadians are, and the fund’s immediate, concrete help will be tailored to their unique needs. Most importantly, it will relieve pressures, helping them pay employees and cover costs. In the months to come, it will position them to play a meaningful role in our economic recovery.
The best way to help Canadian communities is through a source they already trust, which is why the six regional development agencies (RDA) will be delivering this funding. Covering every region of Canada, the RDAs are very familiar with the economic realities of their regions and are well suited to assist workers and businesses.
The funding will be allocated as follows:
- $110 million for Atlantic Canada – Atlantic Canada Opportunities Agency (ACOA)
- $211 million for Quebec – Canada Economic Development for Quebec Regions (CED)
- $34.3 million for Northern Canada – Canadian Northern Economic Development Agency (CanNor)
- $252.4 million for Southern Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
- $49.5 million for Northern Ontario – Federal Economic Development Initiative for Northern Ontario (FedNor)
- $304.2 million for Western Canada – Western Economic Diversification Canada (WD)
This funding is part of the Government of Canada’s COVID-19 Economic Response Plan, which commits more than $149 billion to support Canadians and businesses through this difficult time. As other government measures are further strengthened, the RDAs will adapt to meet the ongoing needs of local businesses.
Businesses interested in receiving support through this initiative are now invited to apply for the RRRF through their local RDA.