Ask Me Anything: Boon Ng from Innovation Canada

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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