Earlier this month, the Government of Canada announced an additional $500 million in funding for the Regional Relief and Recovery Fund (RRRF), with 25% of the total $2 billion in funds designated for the tourism industry.
The RRRF is intended to support those businesses impacted by COVID-19, with losses incurred from April 1, 2021, to March 31, 2021, who have not been able to access other federal support programs. Delivered through Western Economic Diversification Canada here in BC, the program offers qualifying small and medium-sized businesses interest-free, repayable funding of up to $60,000, though terms do include a portion of the funds—25% on the first $40,000 and 50% on the additional $20,000—to be forgiven when repayment conditions are met. Those businesses that have already received the original $40,000 in funding can apply for an additional $20,000 if they qualify.
For full details on eligibility and to apply, visit the Western Economic Diversification Canada website. Applications for the program are open until March 31, 2021, or until the funds have been fully dispersed.
