Minister Joly announces additional funding is now available for small and medium-sized businesses in Quebec
Montréal, Quebec, October 2, 2020 – Canada Economic Development for Quebec Regions (CED)
Canada’s COVID-19 Economic Response Plan has helped protect millions of jobs, provide emergency support to families, and keep businesses afloat as they deal with the impacts of COVID-19. A central part of this is the Regional Relief and Recovery Fund (RRRF), which helps support those who may not be eligible for other programs. Since the Fund was launched in May, over 12,000 businesses have received assistance through the RRRF across Canada, helping them to keep their employees, cover costs and play a role in our economic recovery.
With the public health situation continuing to evolve, businesses across Quebec need more support to face the economic impacts of the second wave of COVID-19. That is why the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, today announced an additional $69.8 million for CED to help businesses in Quebec recover from the economic crisis. This flows from the additional $600 million in RRRF funding announced today by the Prime Minister of Canada, the Right Honourable Justin Trudeau. The added investment brings total RRRF relief support across Canada to over $1.5 billion.
Continued support for Quebec’s regions
Since the RRRF was launched in May, more than 15,000 jobs have been protected at thousands of small and medium-sized businesses across Quebec.
The RRRF has also provided PME MTL with $30 million to deliver targeted emergency support to local businesses in Montréal that have been hit particularly hard by the COVID-19 pandemic.
However, many small and medium-sized businesses are still struggling as entrepreneurs try to position their firms for recovery while the economy safely reopens.
CED will continue to work with key partners across the province to ensure support, whether through funding or technical assistance services, is available to businesses in need as the second wave of COVID-19 is upon us. For instance, out of the $69.8 million in additional funds available in Quebec, a total of $23.3 million will be granted to the Réseau des SADC et CAE to support businesses and organizations located in Quebec’s rural communities.
The RRRF has been vital in helping many businesses across Canada to keep paying their bills and their employees. It has been a lifeline to stabilize businesses that might otherwise not have survived. The Government of Canada will always put Canadians first as we work to build a resilient economy that is fairer for everyone.
Businesses and organizations in Quebec that have applied for other federal COVID-19 programs but continue to have needs are encouraged to review the requirements or to contact CED for more information at 1-800-561-0633.