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Ottawa extends funding for innovative business subsidy

Friday, November 06, 2020 @ 3:49 PM | By Ian Burns

The federal government has announced it will spend over $155 million to extend an emergency wage subsidy aimed at innovative small and medium-sized enterprises.

Innovation, Science and Industry Minister Navdeep Bains made the announcement Nov. 6. The money will go towards the National Research Council of Canada (NRC) Industrial Research Assistance Program’s Innovation Assistance Program (IRAP IAP).

“By extending the IRAP IAP program, we are continuing to support the high-potential, innovative small- and medium-sized businesses that are the backbone of the Canadian economy,” said Bains.

The IRAP IAP program was established in April, aimed at giving support to early-stage companies that were unable to access the Canada emergency wage subsidy (CEWS) put in place to address the COVID-19 pandemic. According to the federal government, IRAP IAP has assisted more than 2,200 firms.

“The extension of this wage subsidy will allow us to continue helping Canadian innovative small- and medium-sized enterprises navigate the challenges arising from COVID-19, when they need it most,” said NRC acting president Roger Scott-Douglas.

The extension of IRAP IAP will allow existing recipients meeting the eligibility criteria to access funding, on a priority basis, for the period between June 24 and Dec. 19, and will apply a declining scale of support similar to the CEWS, meaning the maximum benefit will gradually decline as the program progresses.

More information can be found here.

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