Coronavirus disease (COVID-19)
Regional Relief and Recovery Fund – Now Open
FedDev Ontario is now accepting applications through the Regional Relief and Recovery Fund (RRRF). The RRRF supports businesses that have been unable to obtain funding through other federal COVID-19 response measures.
FedDev Ontario is delivering $213 million to help relieve the economic impact of COVID-19 for small businesses and $39.4 million to support rural businesses through the Community Futures Development Corporations. Visit the Regional Relief and Recovery Fund page for more information and to apply.
Canadian manufacturers and businesses are needed to help combat COVID-19.
The Plan to Mobilize Industry to fight COVID-19 directly supports businesses to rapidly scale up production or re-tool their manufacturing lines to develop products made in Canada that will help in the fight against COVID-19.
Government of Canada’s COVID-19 Economic Response Plan
The Government of Canada has announced a number of measures to help stabilize the economy as part of the Government of Canada’s COVID-19 Economic Response Plan. Support includes:
- Expanding the eligibility criteria of the Canada Emergency Business Account (CEBA) to support many owner-operated small businesses like sole proprietors, businesses that rely on contractors, and family-owned corporations that pay employees through dividends, to access interest-free loans to help cover operating costs.
- The Business Credit Availability Program (BCAP) supports financing in the private sector through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC);
- The Canada Emergency Wage Subsidy (CEWS) provides a 75 percent wage subsidy for qualifying small- and medium-sized businesses for up to three months;
- The Canada Emergency Response Benefit (CERB) provides $2,000 per month to qualified workers who have lost income because of the COVID-19 pandemic;
- Deferral of income tax payments owing on or after March 18, as well as allowing businesses and the self-employed to defer GST/HST payments and duties owed for imports until June;
- An Insured Mortgage Purchase Program;
- Augmenting credit available to farmers and the agri-food sector through Farm Credit Canada;
- Flexibility in the Canada Account limit to allow for additional support to Canadian businesses in exceptional circumstances;
- Enhancing the Work-Sharing Program to help employers who are experiencing a downturn in business due to COVID-19, and their workers.
- The Canada Emergency Commercial Rent Assistance (CECRA) program provides small businesses a 75% reduction in their rent payments for the months of April, May and June, and provides forgivable loans to qualifying commercial property owners;
- Up to $306.8 million to support small- and medium-sized Indigenous businesses and Aboriginal financial institutions that offer financing to these businesses.
- Support for Farm Credit Canada that will allow for an additional $5 billion in lending capacity to producers, agribusinesses and food processors to ensure Canadians have quality food on their grocery store shelves and kitchen tables.
- $500 million to to establish a COVID-19 Emergency Support Fund for Cultural, Heritage and Sport Organizations, providing financial support to artists and athletes.
- $250 million to assist innovative, early-stage companies that are unable to access existing COVID-19 business support through the National Research Council of Canada’s Industrial Research Assistance Program.
- $20.1 million in support for Futurpreneur Canada to continue to support young entrepreneurs across Canada who are facing challenges due to COVID-19.
- The Large Employer Emergency Financing Facility (LEEFF), which provides bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, to keep their operations going.
If you are a FedDev Ontario client and COVID-19 is affecting your operations, you are encouraged to contact your project officer as you may be eligible for flexible arrangements.
For example, we are:
- Deferring repayments;
- Considering alternative project activities and costs;
- Accelerating the reimbursement of claims and advances;
- Adjusting cashflows across fiscal years, adjusting project milestones and exploring other repayment strategies to meet your unique needs;
- Extending 2019-2020 performance reporting deadlines.
For more information, please see the questions and answers.
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