COVID-19
The Government of Canada and Community Futures organizations (CFs) understand the difficulties the COVID-19 pandemic has caused the small business community throughout the West. As a result, the Government of Canada has made funds available to the CFs to provide support and assistance to SMEs through the rural stream of the Regional Relief and Recovery Fund (RRRF).
Small business owners impacted as a result of the COVID-19 pandemic can apply for loans up to $40,000 through the Regional Relief and Recovery Fund (RRRF).
The Regional Relief and Recovery Fund provides funding to support businesses that have not been approved for supports through the Canada Emergency Business Account (CEBA) or the Emergency Loan Program delivered through Aboriginal Financial Institutions.
General Details
- Maximum loan of $40,000;
- 0% interest until December 31, 2022;
- No principal payments until December 31, 2022;
- Principal repayments can be voluntarily made at any time without penalty;
- 25% up to a maximum of $10,000 in loan forgiveness is available, provided the outstanding balance is paid back by December 31, 2022;
- If any part of the balance is not paid by December 31, 2022, the remaining balance will be converted to a term loan effective January 1, 2023; and,
- The full balance must be repaid no later than December 31, 2025.
Eligible Uses for Loan Funding
The funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation. Note that funds from this loan cannot be used to pay expenses already supported through the Canada Emergency Wage Subsidy or the Canada Emergency Commercial Rent Assistance.
Eligibility of Businesses
- As per Terms and Conditions of the Community Futures Program, SMEs are defined as having less than 500 employees and annual sales revenue of less than $20 million, and produce goods and services for the market economy, regardless of their business structure (e.g. sole proprietorship’s, social enterprises, cooperatives, etc.);
- The applicant has not been approved for other federal supports such as the Canada Emergency Business Account (CEBA)
- The SME must have been viable as of March 1, 2020;
- Established before March 1, 2020; and,
- Must have been adversely impacted because of the COVID-19 pandemic.
For more information on the Regional Relief and Recovery Fund (RRRF) or to apply, please click on the link below to start the online application process.
Other COVID Government Information
May 19, 2020
COVID-19 and Returning to Safe Operation – Phase 2
WorkSafeBC recognizes the importance of worker safety as businesses look to resume operations following COVID-19 related work stoppages or interruptions. The following materials provide employers with information and resources to assist them in ensuring the risk of exposure to the virus that causes COVID-19 is minimized at their workplace.
Employers are required to develop a COVID-19 Safety Plan that outlines the policies, guidelines, and procedures they have put in place to reduce the risk of COVID-19 transmission. This plan follows the six steps outlined below. Employers must involve frontline workers, joint health and safety committees, and supervisors in identifying protocols for their workplace. You do not need a formal plan in place to begin operation, but are expected to develop it while protecting the safety of your workers.
More information on Phase 2 openings here.
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May 13, 2020
COVID-19: Western Economic Diversification Canada launches Regional Relief and Recovery Fund to support local economy
Businesses across Western Canada unable to access existing relief measures can now apply for funding under new initiative through Western Economic Diversification Canada. Details will follow shortly on how to apply for this additional funding rural businesses can apply for through their local Community Futures offices.
Community Futures Revelstoke will circulate the information once it has been received to the business community in Revelstoke
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May 11, 2020
Province of British Columbia – Restart Plan – How We’ll Start Getting People Back to Work
Unlike many other places that imposed strict “lockdown” policies, B.C.’s approach was to require safe operation of a broad range of services designated as essential services, to protect our health care system and maintain access to key services and supplies. Many non-essential businesses remained open, provided they could operate safely.
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April 27, 2020
Wage Subsidy Program for Business Affected by COVID-19
Today marks the first day business can apply to the Canada Emergency Wage Subsidy (CEWS) that have been affected directly by the current pandemic.
The Canada Emergency Wage Subsidy (CEWS) supports employers that are hardest hit by the pandemic, and protect the jobs Canadians depend on.
The subsidy generally covers 75% of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May.
The program will be in place for a 12-week period, from March 15 to June 6, 2020.
To apply or for more information visit here.
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April 24, 2020
** Federal Government Update **
Prime Minister announces partnerships with provinces and territories to deliver the Canada Emergency Commercial Rent Assistance for small businesses
Small businesses across the country are the backbone of our communities, and they are now facing significant challenges. That is why the Government of Canada and provincial and territorial partners are taking strong, immediate, and effective action to protect Canadians and businesses from the impacts of the COVID-19 pandemic. We are introducing significant measures to support them and ensure they have the resources to make it through these difficult times.
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April 17, 2020
** Federal Government Update **
The Government of Canada is taking action to help Canadian businesses and organizations keep their doors open, keep their employees on the payroll, and recover quickly when Canada bounces back from this crisis.
The Prime Minister, Justin Trudeau, today announced new actions to protect Canadian jobs and provide more support to businesses and organizations dealing with the economic impacts of COVID-19.
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April 16, 2020
** Federal Government Update **
Prime Minister Trudeau announces additional support for small businesses:
Small businesses are the backbone of our economy, and are vital for our families and communities across the country. They are facing economic hardship and uncertainty during the COVID-19 pandemic. That is why the Government of Canada is working around the clock to give these businesses the support they need so they can continue to make our country strong at this critical time.
The Prime Minister, Justin Trudeau, today announced new measures to support Canadian businesses so they can keep their doors open and their employees on the job.
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April 16, 2020
** Provincial Business Support Information **
To help B.C. businesses affected by the COVID-19 pandemic, the B.C. government, through the Ministry of Jobs, Economic Development and Competitiveness and the Government of Canada, through Western Economic Diversification Canada, have partnered with Small Business BC (SBBC) to launch a new B.C. Business COVID-19 Support Service.
SBBC is British Columbia’s premier resource centre for small business information and services, including business planning, financing, registration and any other issues related to starting and growing a business in B.C.
Full media release information here
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April 8, 2020
** Federal Government Updates **
Updated information for any business needing assistance during our national pandemic. The federal government is continuously updating and changing the support information so it best suits everyone effected. They are making sure no one is left behind.
Changes to Canada Summer jobs program to help businesses and young Canadians through the CoVID-19 situation. The Government of Canada is taking unprecedented action to support workers, businesses, and all Canadians impacted by the COVID-19 pandemic. Right now, young people are facing serious challenges finding work. To build the foundations of strong communities, we need a strong workforce that includes good job opportunities for youth. That is why the government is working to help employers adapt to the realities of COVID-19, and supporting young Canadians as they begin to look for summer employment.
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April 6, 2020
BC Hydro – Supporting Businesses
CoVID-19 Relief Fund for Small Businesses
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** Federal Government Update **
April 2, 2020
THE CANADA EMERGENCY WAGE SUBSIDY
We have proposed the new Canada Emergency Wage Subsidy that would cover 75 per cent of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. Employers of all sizes and across all sectors of the economy would be eligible with the exception of public sector entities.
This program is designed to help employers hardest hit by the COVID-19 pandemic to keep and retain workers.
Organizations that do not qualify for the Canada Emergency Wage Subsidy may qualify for the previously announced wage subsidy of 10 per cent of remuneration paid from March 18 to before June 20, 2020.
Eligible employers would be able to access the Canada Emergency Wage Subsidy by applying through a Canada Revenue Agency online portal.
** Federal Government Update **
Ottawa, Ontario
The Prime Minister, Justin Trudeau, today announced additional new measures to support small businesses dealing with the economic impacts of the pandemic. These measures will help Canadian businesses protect the jobs that Canadians depend on, and pay their workers and bills during these difficult times.
Today’s announcement is a part of the government’s COVID-19 Economic Response Plan, which already commits $107 billion in support to Canadians so they can buy groceries, pay rent, and care for their loved ones, and also supports businesses through this difficult time.
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As a community leader, Community Futures Revelstoke, works closely with the Revelstoke Chamber and Community Economic Development for the City of Revelstoke and Area B. We are all working hard behind the scenes to gather information that you, the business owner/manager will need in these coming weeks.
We are here to offer any support services you might require and will not leave you alone, we are all in this together.
Please see some of the information links below that may be of use to you now or in the near future: