This funding includes a $1.5 million investment over three years through the Fund's Business Innovation component, starting in 2022–23, for unique new projects that focus on innovative ideas to support magazines and community newspapers. The Government will also invest an additional $10 million in 2023–24 for the Local Journalism Initiative to strengthen support for local journalism in underserved communities across Canada.

The Special Measures for Journalism 2022 call for proposal will launch soon for 2022–23 fiscal year funding. Details on the Special Measures for Journalism and the Business Innovation components will be available on the Canada Periodical Fund webpage.

Early in the COVID-19 pandemic, Canadian Heritage implemented the new Special Measures for Journalism component through its existing Canada Periodical Fund. In 2020–21, more than $45 million was provided to assist more than 790 free, digital and small-circulation periodicals. In 2021–22, more than $23 million was allocated to 765 recipients. The renewed funding will help ensure that most periodicals will continue to create content accessible to Canadians.