Over the past several days, the Canadian government has released a variety of new information on business supports.
Support for Indigenous Businesses
The Government of Canada has announced $306.8 million in funding to help small and medium-sized Indigenous businesses, and to support Aboriginal Financial Institutions that offer financing to these businesses. The funding will allow for short-term, interest-free loans and non-repayable contributions through Aboriginal Financial Institutions, which offer financing and business support services to First Nations, Inuit, and Métis businesses. Funds will be provided through Aboriginal Financial Institutions, and administered by the National Aboriginal Capital Corporations Association and the Métis capital corporations in partnership with Indigenous Services Canada.
Canada Emergency Wage Subsidy Applications Open April 27
The Government of Canada has announced that the online application form for the Canada Emergency Wage Subsidy will be open on April 27th. To assist businesses in preparing for the application, an online tool is now available to help:
- Who is an Eligible Employer
- Determine Your Eligible Employees
- Calculate Your Subsidy Amount
- How To Apply
For full information: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html
Regional Relief and Recovery Fund (RRRF)
The Regional Relief and Recovery Fund has been created to:
- mitigate the financial pressure experienced by businesses and organizations to allow them to continue their operations, including paying their employees;
- support projects by businesses, organizations and communities to prepare now for a successful recovery.
The initiative includes two components:
- $675 million to support regional economies, businesses, organizations and communities in regions all across Canada;
- $287 million to support the national network of Community Futures Development Corporations, which will specifically target small businesses and rural communities across the country.
This initiative is being implemented by Canada’s Regional Development Agencies. In Northern Ontario, funds will be administered by FedNor.
More on this: https://www.ic.gc.ca/eic/site/icgc.nsf/eng/h_07682.html