Feds extend funding for innovation assistance program to Dec. 19

The federal government is extending the funding for National Research Council of Canada (NRC)’s innovation program into December.

Navdeep Bains, minister of innovation, science and industry, announced today that the NRC’s Industrial Research Assistance Program’s Innovation Assistance Program (IRAP IAP) will receive over $155 million to extend funding access for the period of June 24, 2020 through December 19, 2020.

On Apr. 17, Prime Minister Justin Trudeau announced over $1 billion in new support for small businesses in Canada to help mitigate the effects of the COVID-19 pandemic, including $250 million for NRC IRAP to put in place a program to aid innovative firms that were not eligible for the Canada Emergency Wage Subsidy (CEWS) support.

IRAP IAP is an emergency wage subsidy provided to eligible small and medium-sized firms on a priority basis.

The original $250 million for IRAP IAP supported over 2,200 Canadian firms, and supported over 24,000 jobs in Canada for the period of Apr. 1 through Jun. 23.

The feds will apply a declining scale of support, similar to the CEWS, meaning the maximum benefit will gradually decline as the program progresses.