Market Overview

Government of Canada expands Regional Relief and Recovery Fund to provide further support for businesses

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Additional relief funding is now available for local businesses across Canada.

OTTAWA, Oct. 2, 2020 /CNW/ - Canada's COVID-19 Economic Response Plan has helped protect millions of jobs, provide emergency support to families and keep businesses afloat as they deal with the impact of COVID-19. A central part of this is the Regional Relief and Recovery Fund, which helps support those who may not be eligible for other programs. Since the Fund was launched in May, over 12,000 businesses have been assisted through the RRRF, helping them keep their employees, cover costs, and protect almost 95,000 jobs across Canada.

With the public health situation continuing to evolve, businesses across the country need more support now. That's why the Honourable Melanie Joly, Minister of Economic Development and Official Languages, today 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.

Funding to support regional economies across Canada

The RRRF has been a vital tool, supplementing the existing suite of federal relief measures to address the immediate needs of Canadians during the pandemic. Canada's Regional Development Agencies (RDAs) will deliver the RRRF in their regions. Working closely with businesses and innovators in their communities, RDAs are key to delivering targeted support to Canadians where it's needed most. 

The additional funds announced today will continue to be administered by the RDAs. Part of that funding will also be distributed by the RDAs to Community Futures (CF) organizations in order to target businesses and organizations in rural communities across the country.

Quotes

""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."
The Honourable Mélanie Joly, MP for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages

Quick Facts

  • RDAs will deliver $455.7 million to small- and medium-sized enterprises (SMEs) and organizations facing financial pressure
  • Another $144.3 million is to provide rural businesses and communities with access to capital and technical support, and will be delivered by Community Futures Development Corporations across the country.
  • This relief is in addition to $962 million previously announced to establish the RRRF. These funds have assisted over 12,000 SMEs challenged by liquidity issues due to the pandemic.
  • RRRF complements other federal relief measures and COVID-19 supports provided by other levels of government.

Associated Links

 

SOURCE Innovation, Science and Economic Development Canada

Cision View original content: http://www.newswire.ca/en/releases/archive/October2020/02/c5257.html

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