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Innovative businesses — Apply now for COVID-19 relief

Innovative businesses — Apply now for COVID-19 relief

Certain innovative businesses may still apply for financial assistance during COVID-19.

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Small and medium-sized Canadian employers pursuing technology‑driven innovation should consider whether they may be eligible for a temporary 12-week wage subsidy under a new Innovation Assistance Program (IAP) available through the Industrial Research Assistance Program (IRAP). This program is intended to support innovative firms that do not yet have revenue or are in the early stages of development and may not qualify for other government support.

Employers that are innovative businesses should act fast to determine whether they qualify for this subsidy and make an online application for this program. The application period for the IAP will be open until April 29, 2020, and the government states that payments to successful applicants will begin the week of May 11, 2020.

Download this edition of the TaxNewsFlash to learn more.

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