COVID relief grant opportunities
Regional Relief and Recovery Fund (RRRF):
In order to support the local economy in these times, Saugeen Economic Development Corporation (SEDC) is once again offering local SMEs COVID-19 financial help through the Regional Relief and Recovery Fund (RRRF). The RRRF offers support to SMEs that cannot access programs including the Canada Emergency Wage Subsidy or the Canada Emergency Business Account. Support is also available for businesses that have already accessed COVID-19 relief measures and continue to experience hardship. This fund helps to mitigate the financial pressures experienced by businesses to allow them to continue operation, including paying their employees. It also supports businesses and communities to prepare now for a successful recovery.
The 2nd round of RRRF provides financial contributions (interest-free loans) to help support operating costs where business revenues have been affected by the COVID-19 pandemic. Businesses can apply for loans up to $40 000 with zero percent interest and no payments until March 31st, 2023. Additionally, 25 percent (not to exceed $10, 000) can be forgiven provided the recipient has paid 75 percent of the loan by March 31st, 2023.
Main Street Relief Grant:
Another great opportunity for small businesses experiencing the unexpected costs of PPE, is the Main Street Relief Grant. This one-time grant of up to $1,000 is to help cover the costs of purchasing PPE for their business. To be eligible, the business must have two to nine employees and be in one of the following sectors: retail, accommodation and food services, repair and maintenance or personal and laundry services. Businesses can check their eligibility using the following link: https://www.ontario.ca/page/businesses-get-help-covid-19-costs
For further information, please contact the Saugeen Economic Development Corporation or 519-799-5750
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