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May 18, 2020

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:

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