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News and Notices

Regional Relief Recovery Fund
- June 11, 2020

 

To meet the evolving needs of Northern Ontario businesses and organizations, FedNor has adjusted the eligibility criteria for the COVID-19 Regional Relief and Recovery Fund (RRRF). Eligible businesses and not-for-profit organizations can now qualify even if they have applied for, or have even received, other federal COVID-19 funding.

These changes apply to the Regional economy stream of the RRRF affecting businesses (such as incorporated companies, corporations or co-operatives), Indigenous organizations (like Indigenous/First Nation/Métis Settlement-owned businesses), as well as a variety of not-for-profit organizations and associations.

 Details for businesses:

•      Covers a wide range of costs, including rent, utilities, insurance and much more

•      Funding up to $250,000

•      Program offers 0% interest

•      Payment moratorium is available up to December 31, 2022

•      Repayments to be made in installments over a maximum term of five years from the date the first payment was issued

•      Recipients of contributions up to $40,000 who repay 75 percent of their contribution before December 31, 2022, will be granted 25 percent funding forgiveness up to a maximum of $10,000

 

Important note: Eligible not-for-profit recipients qualify for non-repayable funding.

Visit the Regional Economy Stream section of the RRRF on the FedNor website for all the details. Applications are being assessed quickly on a first-come, first-served basis, please help spread the word by mentioning or retweeting @FedNor on Twitter today.

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