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Regional Relief and Recovery Fund (RRRF)

The Regional Relief and Recovery Fund (RRRF) will now feature loan top-ups of up to $20,000 for new and existing applicants, effective immediately. Since launching in May 2020, the RRRF has provided entrepreneurs and small business owners with interest-free loans of up to $40,000.

RRRF 3.0 will increase the maximum loan amount to $60,000. All RRRF loans remain interest-free with no payments until December 31, 2022.

Forgiveness on RRRF loans of $40,000 or less

Recipients of up to $40,000 could be eligible for 25% forgiveness on the RRRF loan’s total amount. To be granted forgiveness, the recipient must repay 75% of the RRRF loan by December 31, 2022.

Forgiveness on RRRF loans of over $40,000 and up to $60,000

For applicants receiving RRRF loans of over $40,000 and up to $60,000, they could be eligible for 25% forgiveness on the RRRF loan’s initial amount of $40,000. To be granted forgiveness on the RRRF loan’s initial amount of $40,000, the recipient must repay 75% of the initial amount by December 31, 2022.

Additionally, the RRRF loan’s top-up amount of up to $20,000 could be eligible for 50% forgiveness. To be granted forgiveness on the RRRF loan’s top-up amount of up to $20,000, the recipient must repay 50% of the top-up amount by December 31, 2022.

When combined, recipients of both the loan’s initial amount of $40,000 and the loan’s top-up amount of up to $20,000 could have one-third of their RRRF loan forgiven. Certain conditions apply in loan forgiveness. Feel free to contact us or read the RRRF program’s guidelines to learn more.

Additional information on the RRRF program

Any part of the loan’s balance not repaid by December 31, 2022, will be repayable with a nominal interest rate, effective January 1, 2023. Recipients must repay the full balance of the RRRF loan by December 31, 2025. You can discuss your eligibility for support through the RRRF program by contacting your local CFD office. Find your office here!