New NRC Funding to Support InnovationApril 21, 2020
Cornwall Ontario – Canadian companies who have been unable to secure funding under the Canada Emergency Wage Subsidy now have a new source of support.
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).
The IAP program is administered by the National Research Council under the broader umbrella of the Industrial Research Assistance Program ( IRAP) which provides advice, connections, and funding to help Canadian small and medium-sized businesses increase their innovation capacity and take ideas to market.
The 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.
Companies 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 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.
More info and application form: https://nrc.canada.ca/en/support-technology-innovation/nrc-irap-innovation-assistance-program-iap
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.
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