On April 17, 2020, the Government of Canada announced $250 million in funding for the Innovation Assistance Program (IAP) to assist Canadian small and medium-sized enterprises (SMEs).
IRAP IAP provides a wage subsidy to eligible employers for up to 12 weeks.
SMEs pursuing technology-driven innovation who have been unable to secure funding under the Canada Emergency Wage Subsidy (CEWS) are eligible and can apply for financial assistance under IRAP IAP.
The call for applications will close Wednesday, April 29, 2020 at 11:59 pm EDT.
Who can apply
Your company must meet the following to be eligible:
- 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 from April 1, 2020 to June 23, 2020 inclusive
- Have a Canada Revenue Agency business number
- Be incorporated by no later than March 1, 2020
How can I apply
- If you meet all eligibility criteria listed above, please complete an application
- The program will be accepting applications until April 29, 2020 at 11:59 pm EDT
- Following the assessment and approval of applications, applicants will be notified in writing on the status of their application as early as the week of May 11, 2020
- IAP will begin making payments to successful applicants starting the week of May 11, 2020
The information collected in your application will be used for the purposes of assessing the merits of your application and due diligence. As part of the assessment process and validation, the information provided will be shared with the Canada Revenue Agency.
In addition, measures will be put in place to ensure that the subsidy is not inappropriately obtained – that applicants are not participating in making, a false or deceptive statement. Penalties may apply in cases of fraudulent claims.