Q: How do I know if my business is eligible?
A: A business is eligible to apply for funding from the Regional Relief and Recovery Fund (RRRF) as long as it is domiciled in Prince Edward or Lennox and Addington County, and established prior to March 1st, 2020. The business could be a sole proprietorship, partnership or corporation.
Q: What are eligible expenses for RRRF?
A: The funds are primarily designed to support businesses with their cash flow needs due to COVID-19 restrictions. This could include rent or mortgage payments, property taxes, inventory, hydro and staffing.
Q: Can I apply if I am already receiving Government of Canada funding?
A: If you have attempted to access other relief federal supports and are ineligible or were declined, or if you received funding and have operating expenses in excess of the support received you may apply. Please note that priority will to those who have been rejected or ineligible for other government relief measures.
Q: What financial statements should I include with my application?
A: Businesses are being asked to submit the last 2 years of financial statements. Depending on your business structure these statements could include:
• Audited annual financial statements
• Statement of business/professional activities (T2125 E)
• Balance and Income sheets supported by Notice of Assessment or statement of Business or professional activities
Q: My business has been in operation less than 2 years, does this make me ineligible?
A: You are still eligible to receive funding as long as your business was established prior to March 1st, 2020. Please email email@example.com to discuss what documentation can be provided to best support your application.
Q: How will my application be assessed?
A: Completed applications for funding will undergo a due diligence review
As there is significant demand for the funding available, priority may be given to rural enterprises that are significant employers in communities and critical industries, such as manufacturing, technology, and tourism, and to support inclusive growth priorities.
The application will be assessed against a number of factors such as, but not limited to:
- Impact of COVID-19 pandemic on business operations;
- Availability of other financial supports (e.g. access to credit at a financial institution and other federal COVID-19 measures);
- Viability of the applicant (i.e. ability to repay the contribution);
- Sustainability of business before the COVID-19 pandemic; and
- Economic benefits of RRRF support.