Applications are now being accepted for the Innovation Assistance Program (IAP), providing financial assistance for small and medium-sized companies.
The $250 million initiative was announced by the Government of Canada last week to provide support for technology-driven companies without a revenue history that would qualify them for the Canada Emergency Wage Subsidy (CEWS).
IAP, administered by NRC IRAP, will provide a wage subsidy for up to 12 weeks for eligible companies, to ensure they can retain their teams. To be eligible, your company must:
- Be ineligible for the Canada Emergency Wage Subsidy
- Be an incorporated, profit-oriented small or medium-sized business in Canada
- Be a company with 500 or fewer full-time equivalent employees
- Plan to pursue growth and profit by developing and commercializing innovative, technology-driven new or improved products, services or processes in Canada
- Lack sufficient financial resources to sustain operations during the COVID-19 downturn period
- Have a Canada Revenue Agency business number
- Be incorporated by no later than March 1, 2020
Applications must be submitted by Wednesday, April 29 at 11:59 pm.
If your company was not eligible for CEWS, we highly encourage you to apply for emergency funding through IAP, and our Venture Growth & Corporate Innovation is here to help with your application.
For companies with previous revenue who qualify for payroll subsidies through the Canada Emergency Wage Subsidy (CEWS), the Government of Canada has also released an online calculator to help determine the amount of a potential subsidy.
A CEWS amount is based on: