Some good news for rural small businesses and Canadian students today.
Nearly $1 billion is now set to help small businesses via regional economic development agencies, while students can soon begin applying for aid.
Prime Minister Justin Trudeau says Covid-19 funding via the Regional Relief and Recovery Fund will see the regional agencies and Community Futures Networks in rural areas decide how the money will flow to local businesses.
“These organizations understand the economic realities and specific challenges facing both your region and your business,” he said. “They can help you with your most pressing needs whether it’s covering costs or keeping your employees. So, if you are struggling, but did not qualify for other programs like the Wage Subsidy or the Emergency Business Account, give them a call. They’re there for you.”
In Ontario, FEDDev and FEDNor are the agencies who best understand economic challenges in local areas. With FedNor, small businesses not receiving other federal funding would be eligible for a loan of up to $250,000.
And, students will also be able to apply for the Canadian Emergency Student Benefit starting this Friday.
It gives students $1,250 a month between May and august this year and up to $2,000 for students with dependants or disabilities.
Trudeau urges students to set up a My Account now at the CRA website to help with applications.
No matter where you are in our country or where you are in life, we’re making sure you have the help you need to get through this pandemic. Watch my daily update live for more: https://t.co/EbqLl36Qdi
— Justin Trudeau (@JustinTrudeau) May 13, 2020
To watch Justin Trudeau’s full May 13th address, see below.
https://www.cpac.ca/en/direct/cpac2/456201/pm-justin-trudeau-provides-update-on-federal-response-to-covid-19-32/