Mr. Chair, Canadians are living with the impact of the COVID-19 crisis every single day. It has upended the everyday lives of Canadians from coast to coast to coast. Each of us has witnessed the impact in our own corner of the country. It's a public health crisis, but it's also an economic crisis.
Our cities, including Montreal, Toronto and Vancouver, but also our regions from Bathurst to Tofino, including the great north, are affected by what's going on.
The government has three priorities. The first is to protect Canadians' health and safety, with the ever-constant goal of flattening the curve involving the public health risk. The second is to expand the social safety net. That will allow us to flatten another curve, the curve of inequality.
We decided to extend massively the social safety net, and we decided to adopt a people first approach. We created the CERB, which is a $2,000 amount per month. We also increased the Canada child benefit. We came up with some new GST payments to people all across the country, and later on, we came up with increased support for students and seniors.
The third and final priority is the economic response. That means flattening the curve of economic risk.
As economic development minister, supported by six incredible parliamentary secretaries, I can tell you that we've covered a lot of ground, in the virtual sense, of course. We've taken part in meetings on Zoom and Webex, as well as webinars with entrepreneurs and chambers of commerce representatives.
We've talked to thousands of entrepreneurs around the country, in cities, regions and even the wonderful part of the country so dear to you, Mr. Chair, northern Ontario. We've heard people's anxieties, and we understand their stress. Before I got involved in politics, I was an entrepreneur, so I understand the stress and worries of entrepreneurs struggling to cope in this unprecedented crisis. In response to the high level of anxiety around the country, we took action and put forward solutions.
Let's look at how our government has responded. I think that, in the beginning, we thought the economic impact was essentially a shift in need. We thought business revenues might drop for a month or two before going back up. That's why we put greater emphasis on liquidity supports. We engaged the banking system, the Bank of Canada and Export Development Canada. Once my fellow members and I had the opportunity to talk to people on the ground and hear from entrepreneurs, we knew we had to do even more and address costs. We had to take more of a subsidy-based approach.
As we were taking stock of what was going on, what entrepreneurs and their different chambers of commerce were telling us, we decided to look much more into the costs of businesses and their burn rate. That's why we decided to go ahead with a first-ever wage subsidy that increased from 10% at the beginning of the crisis to 75% now. We came up also with the CEBA loan, a $40,000 loan that includes a $10,000 forgivable subsidy. Also, as fixed costs were still an issue, we came up with rent relief.
Although we came up with these important and never-before measures, businesses were still falling through the cracks. That's why it became clear that we had to go forward with a new fund. This is the regional relief fund. This fund is administered through ACOA in Atlantic Canada, DEC in Quebec, FedDev and FedNor in Ontario, Western Economic Diversification in western Canada and CanNor in the three territories.
Nearly $1 billion will be awarded through our different regional development agencies to make sure that businesses that do not have access to the wage subsidy or the CEBA loan, the $40,000 loan, will finally have access to new measures.
Our regional development agencies are well tooled to know what is important in northern Ontario, in Atlantic Canada and in Quebec. They know that businesses have been hard hit in western Canada, and they're well tuned to be the convenor of many other federal government programs and also those of the government of proximity that is the closest to the ground, while we're still the federal government, sometimes hundreds or thousands of kilometres away from people and businesses.
That's why we established a significant $1 billion fund, the regional relief and recovery fund, or RRRF.
The RRRF is a way to make sure that no entrepreneurs or employees fall through the cracks. I said earlier that we've extended the social safety net. We wanted to tighten up the system so that, ultimately, we would have an even stronger social safety net. The good news yesterday was that we expanded the $40,000 loan. There are now new criteria that enable sole proprietors or people who pay themselves dividends to access funding.
However, there are still businesses and entrepreneurs that don't qualify for the loan and that can now apply under the regional relief and recovery fund. The fund will be administered by the Atlantic Canada Opportunities Agency, or ACOA, in Atlantic Canada; Canada Economic Development, or CED, in Quebec; the federal economic development initiative for northern Ontario, or FedNor, and the federal economic development initiative for southern Ontario, or FedDev Ontario; Western Economic Diversification Canada, or WD, in western Canada; and the Canadian Northern Economic Development Agency, or CanNor, in the three territories.
The fund consists of $675 million to support the economic development agencies and $287 million to support the community futures development corporations, or CFDCs, and our various community development organizations across the country. The goal of the program is to provide access to funding, including loans or subsidies, to fill the gaps or to support our strategic businesses.
We know that industries have been hit hard, particularly seasonal industries, such as tourism. As the minister who's also responsible for tourism, I can tell you that the sector needs help right now. That's why we're here for the sector and why we've set up this program.
Some industries have been more impacted than others. We know that, for example, seasonal industries are more impacted, and we know also that the tourism sector has been hard hit. Many of our colleagues in the House have mentioned this issue. What we're saying to tourism operators and tourism leaders is, come and see your regional development agency. Let's sit down, let's have a conversation, and let's find solutions.
All these measures are being taken for people. We are doing that for people to make sure that businesses can survive this economic crisis, that we can keep jobs and that people receive paycheques through their employers. What we're saying to Canadians right now is that we're working for you, with you.
Thank you, Mr. Chair.