Canada to top-up small business relief fund
- October 7, 2020
“With the second wave underway, we’ve heard loud and clear that more support is needed,” said Mélanie Joly, federal minister of economic development.
“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.”
The fund was developed to help support those who may not be eligible for other programs created as part of the Canadian government’s COVID response. Since the fund was launched in May, more than 12,000 businesses have been assisted, helping them keep their employees, cover costs, and protect almost 95,000 jobs across Canada.
This additional investment brings the total RRRF support to more than $1.5 billion.
Supporting regional economies
The RRRF has supplemented existing federal relief measures during the pandemic. Canada’s Regional Development Agencies (RDAs) such as FedDev Ontario are key to delivering targeted support to Canadians where it’s needed most.
$144.3 million of the newly announced money 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, leaving $455.7 million for small- and medium-sized enterprises (SMEs) and organizations facing financial pressure.