As part of our Launchpad program, we host exclusive live Ask Me Anything sessions with mentors from the tech ecosystem monthly for our members. For this month, Boon Ng, a senior innovation advisor with Innovation Canada stopped by to help with some burning questions regarding programs to support small businesses during the COVID-19 pandemic. The following is a snippet of some questions that were asked:
Q: Are there support programs for pre-revenue companies?
A: For pre-revenue companies, there is the Temporary Wage Subsidy Program that offers a 10% wage subsidy. It does not require showing a decrease in revenue.
The Enhanced work sharing program will also apply if you can show a 10% decrease in business activity. That does not mean sales, but can for example be a decrease in customer traction or enquiries, etc.
Q: We are a startup that is actively raising – are there any programs available for us?
A: It depends on how much you are raising. For small amounts, the Canada Emergency Business Account (CEBA) provides interest-free loans of $40K. The great thing for companies impacted by cash flow now is that $10K is forgiven if you pay back by Dec 31, 2022. That means you need to pay back $30K.
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