COVID-19: New Business Funding Programs Announced
The federal government has just announced substantial business stimulus in the form of two funding programs. These historic funding allocations are intended to assist Canadian businesses to not only weather the current economic downturn brought on by COVID-19, but emerge stronger as the economy rebounds. Here’s what you need to know:
1. Innovation Assistance Program (IRAP-IAP) Receives $250M
The Innovation Assistance Program (IRAP-IAP) aims to provide funding for small and medium sized businesses who are completing innovative projects. This funding has been announced to help fill in the gaps left by recent policy measures that fail to assist many Canadian businesses during COVID-19. IRAP IAP provides a wage subsidy to eligible employers for up to 12 weeks.
To qualify, businesses 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
The call for applications will close Wednesday, April 29, 2020 at 11:59 pm EDT.
2. Regional Development Agencies Receive $962M
Prime Minister Trudeau announced on Friday April 17, 2020 $962 million in new capital directed to Regional Development Agencies (such as FED Dev. WEDC, ACOA, FEDNOR, etc.) and Community Futures Networks.
These funds are meant to specifically support rural businesses that do not have an existing relationship with financial institutions. The funds will be available to those that cannot access funds available through the Canada Emergency Wage Subsidy and the Canada Emergency Business Account. These funds will effectively double the budget of development agencies.
3. Funding Webinar – Thursday, April 23rd at 1:30
Join Mike Janke, and Gibson Ingram as they explain how these new programs and many others can help your business sustain and grow through COVID-19, and demonstrate how the GrantMatch™ Funding Platform can ensure you do not miss out on your fair share of funding.
Attendees will be granted complimentary access to the GrantMatch™ Funding Platform during the COVID-19 Crisis.
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