If you are a SME (small and medium sized enterprise) in British Columbia, Alberta, Saskatchewan, or Manitoba, and did not qualify for the Canadian Emergency Business Account (CEBA) Loan you may be eligible for the Regional Relief and Recovery Fund (RRRF) program.
This relief fund is being offered by Western Economic Diversification Canada, similar to the CEBA program, RRRF offers interest-free loans up to $40,000, of which 25% is eligible for forgiveness if repaid by December 31, 2022. If not repaid by December 31, 2022, the loan converts into a 3-year term loan.
To qualify for RRRF, the business must:
Be located in British Columbia, Alberta, Saskatchewan or Manitoba
Have less than 500 full-time employees
Have applied and were declined or did not qualify for the CEBA loan
Have suffered financially due to COVID-19
Intend to continue operations in Western Canada
Have been operational as of March 1, 2020
Businesses who pay themselves dividends rather than wages may qualify for RRRF.
Sole Proprietorships do not qualify.
Stride Capital is here to help small businesses get through these uncertain times. Learn more about the RRRF program and application process, as well as the CEBA program. If you have any questions, get in touch with us.
