Funding for SMEs through IRAP Innovation Assistance Program — Applications now open

Applications for NRC IRAP’s $250 million Innovation Assistance Program (IAP) are now open. The IAP is intended to help support pre-revenue, start-up and scale-up companies.

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.

Criteria:

• 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 of 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