The Federal Government provided details on the Regional Relief and Recovery Fund (RRRF) on May 13, 2020. This program allows Canada’s six regional development agencies (RDAs) to deliver $675 million in financial support to small-and-medium-sized enterprises that are unable to access other COVID-19 relief measures like the Canada Emergency Business Account (CEBA) or the Business Credit Availability Program (BCAP). Companies who have received the Canada Emergency Wage Subsidy (CEWS) can still apply but the costs related to salaries will not be covered. FedDev Ontario will have $213 million in interest-free loans available to distribute to small-and-medium-sized businesses facing financial pressure throughout southern Ontario.
FedDev RRRF Eligibility
To be eligible, a company must:
Eligible Costs to be Covered
If there is significant demand for the available funding, priority may be given to companies which “support the government’s commitment to inclusive growth” or are in the manufacturing, technology and tourism industries. Applications are accepted on an ongoing basis with no submission deadlines until the fund is fully committed. An application guide can be found here.
Sign up for our newsletter and receive tax, accounting, and COVID-19 resources for your business!