by Lucie Roy
Regional Relief and Recovery Fund (RRRF and the Pandemic Opportunities Response Program Loans (PORPL) were the topics of discussion at the Morinville & District Chamber of Commerce luncheon Wednesday.
Community Futures Tawatinaw Region General Manager Kelly Harris-Martin said Regional Relief and Recovery Fund (RRRF) for small business and nonprofits in the Community Futures Tawatinaw Region affected by COVID-19 is available now through an online application on a first come first serve basis.
Applications may be for any amount up to $40,000 and there is a limited pool of funds available for this program. When these funds have been dispersed there is no expectation of future funds. Community Futures organizations have been administering the program on behalf of Western Economic Diversification Canada.
A sole proprietorship, partnership (except professional services), corporation,social enterprise, or other similar organization, including not-for-profits, Legion halls, hall rentals, and agricultural operations, farmers, grain farmers you may qualify.
If a business received funding under another program they cannot receive funding for the same expense under the RRRF.
Martin-Harris said that those that did not qualify for the original CEBA program should reapply, once the expanded eligibility comes online or apply to the RRRF program.
The eligibility and eligible expenses, including non-deferrable expenses which are critical to sustain business continuity can be found on the website.
The PORPL -Pandemic Opportunities Response Program Loans
The PORPL program is for a maximum of $40,000 and only available until March 31, 2021 with a 10% application fee.
Eligible expenses includes most business expenses including capital purchases and expenses and not for the purpose of debt consolidation.
It has no principal payments for 3 months, no interest for 12 months and the 10% application fee will be forgiven if the loan is repaid as agreed upon.
Both applications, the RRRF and PORPL are online only and available on their website http://tawatinaw.albertacf.com.