We are pleased to announce the new Nunavut RRRF which is an extension of the original Regional Relief and Recovery Fund (RRRF).

The purpose of this fund is to provide relief and recovery for costs that will help to stabilize businesses to mitigate impacts of COVID-19 and that are not covered by other government relief measures. Repayment of RRRF loans has been extended by one year to December 31, 2023!

• • If 75% of the RRRF loan is repaid by December 31, 2023, the remaining 25% will be
    forgiven.
  • If the loan is not repaid by December 31, 2023, the remaining balance will accrue
    interest at the rate of 5% commencing January 1, 2024.
  • The loan must be repaid in full no later than December 31, 2025

Any new loan, up to the initial $100,000 maximum cap, initiated after December 31, 2023, shall
not include a forgiveness element, however it will receive the benefit of a 0.00% interest rate
and no payments required until fully due and payable December 31, 2025.

Any new loan that exceeds the initial $100,000 cap, to a maximum of $50,000, will immediately
accrue interest at a rate of 5%. This loan is fully due and payable on December 31, 2025.
To be eligible for a loan, the business must have been registered and operating in Nunavut a minimum of 12 months prior to the NRRF loan application.

The applicant cannot receive a loan for the same costs for which it has received or will receive other
federal relief measures.

KCFI NRRRF Application Form