Overview of Canada’s $250m Innovation Assistance Program to support SMEs

The Government of Canada has announced $250 million in funding to help Canadian small and medium-sized enterprises (SME) pay employees and contractors through the Innovation Assistance Program (IAP). Companies that meet the eligibility criteria listed below should complete an online application before the April 29, 2020 application deadline to receive assistance. IAP will notify successful applicants in writing and begin making payments the week of May 11, 2020, for a period of up to 12 weeks.

Eligibility

Your company may be eligible if it:

1. is a profit-oriented SME, incorporated no later than March 1, 2020 in Canada;
2. plans to pursue growth and profit by developing and commercializing innovative, technology-driven new or improved products, services or processes in Canada;
3. has 500 or fewer full-time equivalent employees;
4. does not have sufficient financial resources to sustain operations during the COVID-19 downturn period;
5. is ineligible for the Canada Emergency Wage Subsidy; and
6. has a Canada Revenue Agency business number.

The Dentons’ Venture Technology and Emerging Companies group is here to help, and will keep investors and entrepreneurs aware of supports available to their business. If you would like to receive future notices about this or other related programs, sign-up for our e-mail list here, or contact a member of our national team in Vancouver (Arik Broadbent), Calgary (Lucas Tomei), Edmonton (Heather Barnhouse), Toronto (Mike Hollinger), Ottawa (David Little) or Montréal (Scott Rozansky).