The Government of Canada has announced an additional $600 million to support businesses and workers through the Regional Relief and Recovery Fund (RRRF). This relief is in addition to $962 million previously announced to establish the RRRF, which has already assisted over 12,000 small and medium sized businesses across Canada.

The RRRF is delivered through Canada’s Regional Development Agencies (RDAs). Working closely with businesses and innovators in their communities, RDAs are key to delivering targeted support to Canadians where it’s needed most. In Quebec, the RRRF is delivered through Canada Economic Development for Quebec Regions (CED-) with the help of PME-MTL in the Montreal region.

The RRRF is intended for small and medium enterprises (SMEs) and non-profits engaged in commercial activities, as well as certain self-employed workers and sole proprietorships. Priority is given to businesses that have not benefited from other federal emergency measures. However, businesses that have already benefited from such assistance, including the Canada Emergency Business Account, can apply if they can demonstrate their additional liquidity needs.

For businesses seeking assistance of $40,000 or less, a quarter of the financial contribution is forgivable if the 75% is repaid by December 31, 2022; otherwise the entire contribution is considered repayable over a three-year period, starting January 1, 2023. For businesses seeking assistance over $40,000, the entire financial contribution is considered repayable over a five-year period, starting January 1, 2023. In all cases, the amount of the financial assistance will generally not exceed $500,000.

In Montreal, businesses seeking assistance of $40,000 or less should apply through the PME-MTL network:

https://pmemtl.com/en/services/financing/loans-and-subsidies/regional-relief-and-recovery-fund  

For more information and all other requests, please visit the CED website:

https://dec.canada.ca/eng/programs/regi/coronavirus-rrrf/index.html