Canada Unveils New Regional Relief And Recovery Fund
On May 13, Canadian Prime Minister Justin Trudeau announced the details for a new Regional Relief and Recovery Fund (RRRF) that will provide $962 million to help small businesses. The initiative includes:
- $675 million to support regional economies, businesses, organizations, and communities; and
- $287 million to support the national network of Community Futures Development Corporations, which will specifically target small businesses and rural communities across the country.
The fund is part of the government’s Economic Response Plan, which will provide $149 billion in support to individual and businesses as part of the government’s overall response. The RRRF is specifically for businesses that have been unable to access existing support measures, and the prime minister encouraged small businesses that do not qualify for the Canada Emergency Wage Subsidy or the Canada Emergency Business Account to seek support from this program. The aid will be divided as follows:
- $110 million for Atlantic Canada Opportunities Agency;
- $211 million for Canada Economic Development for Quebec Regions;
- $34.3 million for the Canadian Northern Economic Development Agency;
- $252.4 million for the Federal Economic Development Agency for Southern Ontario;
- $49.5 million for the Federal Economic Development Initiative for Northern Ontario; and
- $304.2 million for Western Economic Diversification Canada.
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