REAL and EDR to Repay $8 Million in COVID-19 Funding

REAL will need to repay the federal government $8 million following an audit from the CRA in funding for businesses during the COVID-19 pandemic.The Regina Exhibition Association Ltd. will need to repay the government $8 million and Economic Development Regina owes $918,000 following a Canada Revenue Agency audit.

According to an internal memo document to the City of Regina, the audit was based on the Canada Emergency Wage Subsidy funding in which the federal government provided assistance to businesses during the COVID-19 pandemic. “REAL and EDR applied for and received this subsidy,” the document stated. “REAL and EDR will be requesting the CRA to waive the interest that has been assessed on the amounts to be repaid. Both organizations are currently considering options on how they will fund the repayment of the wage and rent subsidy.”REAL’s amount owing consists of the $6.5 million principle plus roughly $1.

“The funds helped REAL provide sport and rec opportunities to the community and safe entertainment options such as parking lot events,” the document stated. “REAL also took the opportunity to perform maintenance, deep cleans and upgrades to some of its buildings at a time when they were not fully utilized.”

In an email statement, the City of Regina confirmed the internal document is legitimate and was shared with council in advance of the upcoming audit and finance report scheduled to be shared on April 9.ReadThieves got away with $30M from a Gardaworld storage facility in LA. How could it happen?

REAL EDR Repayment Audit CRA Funding COVID-19 Pandemic Canada Emergency Wage Subsidy Assistance Businesses

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