Question Period Note: How has the Regional Relief and Recovery Fund (RRRF) program helped small business owners across Canada deal with the impacts of the COVID-19 pandemic?

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About

Reference number:
WD-2022-QP-00003
Date received:
Feb 4, 2022
Organization:
Prairies Economic Development Canada
Name of Minister:
Vandal, Dan (Hon.)
Title of Minister:
Minister responsible for Prairies Economic Development Canada

Issue/Question:

How has the Regional Relief and Recovery Fund (RRRF) program helped small business owners across Canada deal with the impacts of the COVID-19 pandemic?

Suggested Response:

  • From the start of the pandemic, this government has had Canadians’ backs, to keep them safe and the economy strong.
  • The RRRF has helped thousands of small and medium-sized businesses that could not qualify for other government supports pay their bills and their employees during the pandemic.
  • Since RRRF launched in April 2020, the seven Regional Development Agencies and nearly 270 Community Futures organizations across Canada quickly delivered nearly $1.9 billion to more than 25,000 businesses and organizations, helping to protect almost 157,000 jobs.
  • We earmarked 25 percent of this assistance to help the hard-hit tourism sector. As of December 31, 2021, almost five thousand tourism recipients received over $453 million.

Background:

N/A

Additional Information:

If pressed on RRRF Demand
* The RRRF filled a real need and saw sustained high demand throughout its term. Nearly 480 businesses and organizations across the country applied for RRRF support every week, creating an average weekly demand of nearly $42 million.
* We have supported a broad diversity of enterprises across the country, including more than 8,300 women owned businesses and over 800 Indigenous businesses.
Business Type / Approved Applications / Approved Value
Rural / 17,178 / $797.5 million
Women-Owned / 8,353 / $426.8 million
Indigenous / 805 / $53.1 million
Tourism / 4,843 / $453.6 million

If pressed on RRRF Repayment
* We know the pandemic’s effects linger on. That is why, on January 12, 2022, this government announced a one-year extension to the repayment deadline to receive partial forgiveness under the Regional Relief and Recovery Fund.
* It provides eligible recipients – those with Canada Emergency Business Account (CEBA) equivalent lending – with more flexibility to meet the new forgiveness deadline of December 31, 2023.
* All contributions are still required to be fully repaid by December 31, 2025.