Canada’s COVID-19 Measures
The COVID-19 pandemic has posed economic challenges for Canada. People have changed ways of living. These changes come after the government ordered social distancing measures. Employees work from home to allow social distancing. Essential services have remained open.
Many businesses have changed their structure to fit stay at home order. This pandemic has also cost businesses a loss and even closure. The government has put together funds and programs to support this need.
The Canadian government released a new set of funds for businesses. This includes a $250 million funding increase in the IRAP program. The Industrial Research Assistance Program (IRAP) is one of many programs. The National Research Council manages this fund. This release also includes $1 billion for regional authorities.
Eligible businesses can use these funds to innovate. This financial assistance is used for purchases and labor costs. Most businesses applaud the government for their response to the pandemic. Some have complained that these funds prove insufficient for their business.
It has been difficult for the government to tailor programs to fit the needs of all businesses. The additional funding is to close this gap for small and medium enterprises.
Finance Minister Bill Morneau added,
“That is why we are taking unprecedented measures today to protect Canadian jobs. We are working in close consultation with all impacted businesses across the country to take action where it is required, and are prepared to take further targeted action as needed”
The National Research Council’s IRAP provides research and development grants to industries. These projects fuel technology innovation in Canada. The IRAP program has an annual budget of $310 million. This budget is getting an 80% boost with the extra funding released.
The Innovation Minister Navdeep Bains told Globe and Mail he hopes the extra IRAP funds will help 1,000 companies protect 10,000 jobs. He also stated, “if we need to do more, we will do more”.
What is the IRAP program?
– Canada’s leading technology innovation program
– Offers funding, advisory services and industry connections to best consult on an R&D project
– Funding covers up to 80% of labour costs and 75% of subcontractor expenses.
Who is eligible?
– You must be a Canadian SME, incorporated and profit-oriented
– Have 500 or less full-time employees
– Have the objective to grow via development and innovation of products and processes
How Can Your Business Benefit?
If you are working on a qualified project, your project expenses can be covered upfront through IRAP.
EVAMAX specializes in IRAP and other funding applications. Contact EVAMAX today to see if your projects qualify!