Thursday, October 8, 2020
The Regional Relief and Recovery Fund (RRRF) provides working capital to finance the everyday operations of a business including, but not limited to, sales and marketing, product development, wages, and other activities.
The Government of Canada has announced an additional $60.2 million for the Atlantic Canada Opportunities Agency (ACOA) to help businesses in Atlantic Canada through the RRRF. This funding is in addition to the $110 million allocated when the RRRF was first launched in May, bringing the total emergency relief funding available to Atlantic Canadian SMEs and business organizations through the RRRF to more than $170 million.
ACOA will deliver $42.2 million of the top-up funds to Atlantic Canadian SMEs that still need extra cash flow to deal with the ongoing economic impacts of COVID-19. The remaining $18 million will be distributed by the network of Community Business Development Corporations (CBDCs).
Eligible businesses and organizations in Atlantic Canada that require additional help to recover from the pandemic are encouraged to apply for the RRRF through ACOA or their local CBDC.
Businesses in Atlantic Canada that have applied for other federal COVID-19 programs, but were unable to access sufficient relief, are encouraged to review RRRF eligibility requirements or contact ACOA for more information. If you have already applied and are waiting for a response, no further action is required.