(rdnewsNOW file photo)

By David Opinko

Regional Relief and Recovery Fund

Extra $250-million in COVID relief fund now available to Western Canadian businesses

Feb 6, 2021 | 12:49 PM

LETHBRIDGE, AB – The federal government is allocating more money to the Regional Relief and Recovery Fund (RRRF).

Since the program’s launch in May 2020, it has given out nearly $427-million in support to more than 7,400 businesses and organizations across the country. A release from Ottawa claims that 45 per cent of recipients are in rural communities and 30 per cent of impacted businesses are owned or led by women.

Now, the government is making another $500-million available through RRRF nationally with half of those being allocated specifically to Western Canada.

Minister of Economic Development Melanie Joly companies that have suffered COVID-19-related losses can apply for up to $60,000 in interest-free, repayable support. Previously, the maximum amount was $40,000.

“We’ve been listening to small businesses and tourism operators, and we understand that additional support was required to bridge them to our economic reopening and recovery. Covering an additional $20,000 of losses will help many small businesses make it through. My message to entrepreneurs is clear: We have stood with you from the start of this pandemic, and we’ll stand by you to the end.”

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There are separate streams for businesses in rural communities (RRRF Community Futures Stream), women-owned or women-led businesses (RRRF Women’s Enterprise Initiative Stream), and the main RRRF stream for other small and medium-sized businesses.

25 per cent of total funding will go to those in the tourism sector as they have been particularly hard-hit by COVID restrictions.

The deadline to apply for any of these RRRF funding streams is March 31, 2021.

(Lethbridge News Now)