This week has brought another program to assist business owners (not sole proprietors), who did not qualify or were turned down for the Canada Emergency Business Account loan ($40K). This is an interest free loan, with a forgivable component (if certain conditions are met). Mind you, the contribution is also taxable.
The “Regional Relief and Recovery Fund (RRRF)” is delivered to Western Canadian businesses through the Western Economic Diversification Fund (WD). The funding available is up to $40,000; with another facet of the program for over $40,000.
Applications are open now and they are on a first come, first served basis. Per the Globe and Mail article yesterday ( https://www.theglobeandmail.com/business/article-nearly-1-billion-in-relief-funding-for-small-medium-sized-businesses/ ) there is a set budget of $304,200,000 which suggests only 7,605 companies located in Western Canadian urban areas, will be accepted at $40,000 each.
Please see the following web site for details and the applications: https://www.wd-deo.gc.ca/eng/20059.asp
Telephone number is: 1-888-338-WEST (9378).
