The Government of Canada has announced more than $962 million in funding for the Regional Relief Recovery Fund (RRRF) to mitigate the financial pressure faced by businesses, including hoteliers.
This new fund may provide some relief to hoteliers who have had difficulty in accessing existing liquidity options.
RRRF funding in Alberta, British Columbia, Manitoba, and Saskatchewan will be provided by Western Economic Diversification Canada (WD). WD will provide up to $304 million in funding and offers two options for funding, with each having specific eligibility requirements:
- Funding requests of up to $40,000 with up to $10,000 forgivable if 75% of the loan is repaid by December 31, 2022.
- Funding requests of up to $1,000,000 to businesses that can demonstrate a meaningful contribution to the western Canadian economy and are experiencing liquidity issues.
Businesses that have received support from other Government of Canada relief funding measures but require additional funding to mitigate liquidity pressures may still apply.
Businesses with sole proprietorship are not eligible for this funding.