Regional Relief and Recovery Fund Workspace

Keep the momentum going.

Congratulations on taking a big step with your business! WESK will continue to support you on your entrepreneurial journey. Find your place in the dropdown menus below to learn what’s next.

Don’t forget, we’re here to support you for the duration of your RRRF loan.

Announcements

Here, you’ll find important announcements related to your loan!

  • The Government of Canada has just announced that the repayment deadline to qualify for partial forgiveness for CEBA and the Regional Relief and Recovery Fund has been extended to December 31, 2023. Learn more here.
  • Click here to complete the 5-minute feedback survey below to help shape the resources that will be beneficial to you.

Are you a WESK Member?

No matter where you are in your entrepreneurial journey, we have a membership option for you. From start-up to expansion, we’ve carefully crafted options that enable you to succeed as an entrepreneur in Saskatchewan. We recommend the Trailblazer Package to take advantage of the UNLIMITED business advising!

With the purchase of a Trailblazer package, you receive:

RRRF Reporting Requirements

Help us help you by keeping us up-to-date with your business happenings. It’s our job to ensure you’re positioned to grow.

Timeline of RRRF Reporting Requirements

Quarterly

  1. RRRF Client Check-in
  1. Submit Quarterly Financial Statements

Annually

  1. RRRF Client Check-in
  1. Submit Year-End Financial Statements

Frequently Asked Questions

Can I start making voluntary repayments?
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Yes! If you would like to start setting up monthly automatic withdrawals, please email us at: loansadmin@wesk.ca and we can set up a repayment schedule to ensure you pay off the required amount in order to be eligible for the forgiveness. We also accept e-transfers to RRRFpayment@wesk.ca if you would prefer to make periodic or monthly repayments at your own discretion.

If you’re e-transferring us, please make sure to include your full name and business name into the message part of the e-transfer.

What are the loan parameters of the RRRF?
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  • Maximum assistance will be $60,000;
  • 0% interest and no principal payments until December 31, 2023*;
  • Principal repayments can be voluntarily made at any time;
  • Repayment terms as described below (further examples in our FAQ);
  • If the Client is unable to repay the loan by December 31, 2023*, the loan will be converted to a two-year* term loan with interest rates up to 5%, effective January 1, 2024*. The full balance must be repaid no later than December 31, 2025;

UPDATE:

*On January 12, 2022, the Government of Canada has announced that the repayment deadline to qualify for partial forgiveness for CEBA and the Regional Relief and Recovery Fund has been extended from December 31, 2021 to December 31, 2023. Learn more here.

What are the repayment terms of the RRRF?
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If you repay the outstanding balance on or before December 31, 2023*, the following percentage of the loan will be forgiven:

  • 25% on the first $40,000; and
  • 50% on amounts above $40,000 and up to $60,000.

The forgivable portion is only available if the entire outstanding amount is repaid by December 31, 2023*.

For funding of up to $40,000:

  • Repayment of 75%, or up to $30,000, of the loan amount, on or before December 31, 2023*, will result in the forgiveness of 25%, or up to $10,000 of the total loan.
  • No scheduled monthly repayments are required until after December 31, 2023*.
  • If 75% of the loan amount is not repaid by December 31, 2023*, the balance owing will be converted to an additional two-year* term repayable loan (with a fixed monthly repayment schedule), beginning January 2024*, with no forgivable portion.
  • The full balance of the loan must be repaid in full no later than December 31, 2025

For funding above $40,000 and up to $60,000

  • Repayment of 50% or up to $10,000, of the loan amount, on or before December 31, 2023*, will result in the forgiveness of 50% or up to $10,000 of the total loan.
  • No scheduled monthly repayments are required until after December 31, 2023*.
  • If 50% of the loan amount is not repaid by December 31, 2023*, the balance owing will be converted to an additional two-year* term repayable loan (with a fixed monthly repayment schedule), beginning January 2024*, with no forgivable portion.
  • The full balance of the loan must be repaid in full no later than December 31, 2025.

UPDATE:

*On January 12, 2022, the Government of Canada has announced that the repayment deadline to qualify for partial forgiveness for CEBA and the Regional Relief and Recovery Fund has been extended from December 31, 2021 to December 31, 2023. Learn more here.

Can you provide some examples of the repayment terms for RRRF?
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If you voluntarily repay 75% of the base loan value and 50% of the supplementary loan value, on or before December 31, 2023*, the following percentage of the loan will be forgiven:

  • 25% of the first $40,000; and
  • 50% of amounts above $40,000 and up to $60,000.

Example 1:
Total Amount Borrowed: $20,000

  • Base loan $20,000
  • Supplementary loan $0

Amount Repaid by December 31, 2022: $15,000

Available Forgiveness: $5,000

Example 2:
Total Amount Borrowed: $40,000

  • Base loan $40,000
  • Supplementary loan $0

Amount Repaid by December 31, 2022: $30,000
Available Forgiveness: $10,000

Example 3:
Total Amount Borrowed: $40,000

  • Base loan $40,000
  • Supplementary loan $0

Amount Repaid by December 31, 2022: $25,000
Available Forgiveness: $0

Example 4:
Total Amount Borrowed: $45,000

  • Base loan $40,000
  • Supplementary loan $5,000

Amount Repaid by December 31, 2022: $32,500
Available Forgiveness: $12,500 ($40,000 × 25% + $5,000 × 50%)

Example 5:
Total Amount Borrowed: $50,000

  • Base loan $40,000
  • Supplementary loan $10,000

Amount Repaid by December 31, 2022: $35,000
Available Forgiveness: $15,000 ($40,000 × 25% + $10,000 x 50%)

Example 6:
Total Amount Borrowed: $50,000

  • Base loan $40,000
  • Supplementary loan $10,000

Amount Repaid by December 31, 2022: $30,000
Available Forgiveness: $10,000 ($40,000 × 25%)

Example 7:
Total Amount Borrowed: $60,000

  • Base loan $40,000
  • Supplementary loan $20,000

Amount Repaid by December 31, 2022: $40,000
Available Forgiveness: $20,000 ($40,000 × 25% + $20,000 × 50%)

Example 8:
Total Amount Borrowed: $60,000

  • Base loan $40,000
  • Supplementary loan $20,000

Amount Repaid by December 31, 2022: $35,000
Available Forgiveness: $10,000 ($40,000 × 25%)

UPDATE:

*On January 12, 2022, the Government of Canada has announced that the repayment deadline to qualify for partial forgiveness for CEBA and the Regional Relief and Recovery Fund has been extended from December 31, 2021 to December 31, 2023. Learn more here.

What costs qualify for the RRRF loan?
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RRRF loans are to cover non-deferrable fixed operating expenses. Costs such as rent, salaries and benefits will only be considered if the applicant is ineligible, rejected and/or not already receiving assistance for these costs from other federal and provincial funding measures.

  • salaries, and benefits (will only be considered if not eligible or declined from the Canada Emergency Wage Subsidy;
  • property taxes;
  • rent; (will only be considered if not eligible or declined from Canadian Emergency Commercial Rent Assistance (CECRA) or Canada Emergency Rent Subsidy (CERS));
  • utilities;
  • cleaning supplies and additional safety measures;
  • bank interest/charges;
  • office supplies and vehicle operating expenses;
  • lease payments for existing equipment and machinery;
  • regularly scheduled debt payments (cannot be used to pay lump sums on loan balances);
  • professional fees;
  • insurances; and
  • other eligible expenses associated with technology, web services, e-commerce, retooling, rethinking workflows, automation, robotics, developing new markets, etc.