By Chris Brown

Update from the PM

Details of Regional Relief and Recovery Fund announced

May 13, 2020 | 9:17 AM

Regional development agencies across the country will share in nearly $1 billion so that employers can keep their employees.

“We want to make sure that as many Canadians as possible can keep getting their paycheque now and have a job to come back to once the pandemic is behind us,” Prime Minister Justin Trudeau said.

The Western Economic Diversification Canada is one of six groups that will split the funding. It will recieve $304.2 million

Of the total $962 million in funding for the six regional development agencies, $287 million will be dedicated to the network of community futures development corporations, which exist specifically to aid small businesses in rural and remote areas.

“These organizations understand the economic realities and specific challenges facing both your region and your business,” Trudeau said. “They can help you with your most pressing needs, whether it’s covering costs or keeping your employees.”

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Trudeau encouraged businesses owner who didn’t qualify for the Canada Emergency Wage Subsidy or the Canada Emergency Business Account to inquire about this new fund.

Sean Blewett, general manager of the region’s Community Futures Entre-Corp group, said the funding is significant.

“We knew that there were some gaps in the current programing so it will allow for more businesses to be able to access these government supports and certainly there’s many businesses that need those supports right now,” he said.

Blewett said he didn’t have full details on Wednesday morning but that he understands funding will be available in loans up to $40,000.

“There’ll be no interest or accruals through to Dec. 31, 2022, if 75 per cent of the loan is repaid by December 2022 then the remainder of the loan will be forgiven and then there’ll be blended principle and interest payments beginning Jan. 1, 2023,” he said.

The prime minister also announced the Canada Emergency Student Benefit will be open for applications on Friday. The program, part of $9 billion in help for post-secondary students announced in April, will help students currently in school, those who graduated in December 2019 and those who were to start in September 2020.

Asked about Norway’s Sovereign Wealth Fund blacklisting four Canadian energy companies from investment, Trudeau wouldn’t say if he is taking that as a sign some energy companies in Canada still have a ways to go when it comes to meeting Canadian climate change goals.

“I can highlight that many companies in the energy sector have understood that the investment climate is shifting and there’s a need for clear leadership and clear targets to reach on fighting climate change to draw on global capital.”

Canadian Natural Resources Ltd, Cenovus Energy Inc , Suncor Energy Inc, and Imperial Oil Ltd, were listed on May 12 by the Norwegian central bank.

Trudeau also said discussions on when to open the Canada-U.S. border are ongoing.

Trudeau began his daily address from outside Rideau Cottage announcing Health Canada has authorized the first COVID-19 serological test for use in the country to detect antibodies specific to the virus.

As of Wednesday morning, Canada had 71,486 confirmed cases, zero probable cases and 5,209 deaths. There have been 1,163,819 Canadians tested.

In Alberta, there are 6,345 cases and 118 deaths. A total of 178,208 Albertans have been tested.