Canada:
Prince Edward Island Programs | COVID-19: Funding And Financial Relief Programs For Startups And Small Businesses
24 June 2020
Norton Rose Fulbright Canada LLP
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A detailed table outlining the various programs available in
Prince Edward Island are listed below. If you would like to discuss
your eligibility for any of these programs, please do not hesitate
to contact a member of our team.
Atlantic Canada Opportunities Agency (ACOA)'s Atlantic
Innovation Fund
Description |
Eligibility |
Application details |
- The AIF helps Atlantic Canadians
develop and bring to market new products and services that lead to
market success, help grow strategic sectors, or lead to the
creation of research and commercialization partnerships. To find
out more, including who can apply and how much assistance is
available, please see our Frequently Asked Questions or contact ACOA
|
- To be eligible, you are a business,
co-operative, university, college, or research institution looking
to: develop and bring to market new products and services that meet
market demands and global quality standards; adapt new technology
to meet business needs or respond to market opportunities; or help
Atlantic Canada's new and traditional sectors pursue
opportunities, solve challenges, stay competitive and grow
|
- To submit an application for
financial assistance, click here
|
Propel Accelerator
Description |
Eligibility |
Application details |
- Propel is an accelator program
devoted exclusively to Atlantic Canada. Propel works with
technology companies that have potential to scale quickly.
- The program offers mentorship and may
assist with early stage funding by connecting companies to
investors.
- There are no up-front costs to
join
|
- The program is flexible and accepts a
wide range of early stage technology companies, whether led by solo
founders or larger teams, and at various stages of their
growth
|
- Applications are accepted on a
rolling basis. Submit your application here
|
Small Business Investment Grant
Description |
Eligibility |
Application details |
- The Small Business Investment Grant
helps Prince Edward Island's small businesses improve
efficiency and innovation by way of a non-repayable financial
contribution toward eligible capital asset costs
- Payment will be based on 15 percent
of the actual eligible cost as determined at the time of your
request for reimbursement - resulting in a maximum grant of
$3,750
|
- Assistance is open to eligible small
businesses operating on Prince Edward Island
- Fishers, farmers, not-for-profit
organizations, banks and financial companies, and realty companies
(including commercial/residential landlords and
developers) are not eligible for assistance
- The business must have at least one
employee (minimum of 560 hours) or the business is the primary
source of income for the applicant. (Verification may be
requested.)
- A person who has multiple qualifying
businesses and/or is a controlling shareholder in multiple
qualifying businesses is only eligible to access this program for
one (1) business per fiscal year
- The company is registered to do
business federally or provincially
- An eligible business can only submit
one application per year either through this
program or Innovation PEI's Capital
Acquisition program. Businesses with an export focus that are
eligible to apply to Innovation PEI's Capital Acquisition
Program are encouraged to do so.
|
- One application to this program per
fiscal year (April 1, 2020 - March 31, 2021) will be accepted
regardless of the amount. Request for payment must be
submitted by May 30, 2021.
|
Emergency Working Capital Financing
Description |
Eligibility |
Application details |
- Eligible applicants can apply to
receive a working capital loan of up to $100,000 with a fixed
interest rate of 4% per annum to be used to assist with fixed
operating costs (including payroll, rent, utilities etc) with
principal & interest payments deferred for a minimum of 12
months
- Details of the loan:
- Up to a maximum of $100,000 per
company
- The loans will bear interest at fixed
rate of 4% per annum, commencing at first disbursement and accruing
during the term of the loan
- Repayment of this loan will commence
12 months after the first disbursement, with the balance
outstanding to be repaid over the remaining 5 year period (for a
total term of 6 years)
- Loans are secured by: promissory note
for the full amount of the loan, personal guarantees of the
business owner(s), and/or General Security Agreement
- No application fee
|
- The following criteria must be met:
- Existing small businesses (startups
not eligible) located and operating in the Province of PEI, and
have been generating revenue on PEI
- Registered to conduct business within
the Province of PEI
- The applicant has a satisfactory
credit rating and must not have any defaulted outstanding debt
obligation on file in the Province's Central Default
Registry
|
|
Emergency Relief – Worker Assistance Program
Description |
Eligibility |
Application details |
- Eligible employers may receive a
maximum of $250 per week for each employed worker that experienced
a reduction of at least 8 hours per week during the four-week
period March 16 to April 11, 2020
- Online applications can be submitted
until April 30, 2020
|
- Eligible employers include registered
private sector businesses or non-profit organizations in Prince
Edward Island where employed workers have experienced a reduction
of at least 8 hours per week during the four-week period March 16
to April 11, 2020
|
|
COVID-19 Special Situation Fund for businesses and
organizations
Description |
Eligibility |
Application details |
- Fund will provide funding to
businesses, community groups and non-government organizations that
have experienced urgent income loss as a result of COVID-19 and are
not eligible for other federal and provincial funding support
|
- Community groups and non-government
organizations that have experienced urgent income loss as a result
of COVID-19 and are not eligible for other federal and provincial
funding support
|
|
Workers Compensation Board
Description |
Eligibility |
Application details |
- Deferring all assessment due dates
related to 2020 employer payrolls
- Employers do not have to pay WCB
premiums until June 30, 2020. Neither interest nor penalties will
accrue during this time
|
- Employers based in Prince Edward
Island may be eligible
|
|
Broadband Fund for Businesses
Description |
Eligibility |
Application details |
- The Prince Edward Island Broadband
Fund provides financial assistance to local Prince Edward Island
internet service providers (ISPs), communities and businesses for
the installation of infrastructure for enhanced broadband
services
- The Prince Edward Island Broadband
Fund (PEIBF) provides a contribution of up to 50% of the eligible
costs for a project approved for funding. Applications must be
submitted prior to the start of a project; any expenses incurred
before the submission of an application are ineligible
|
- You may be eligible to access the
Prince Edward Island Broadband Fund (PEIBF) if you are:
- A Prince Edward Island for-profit
business that is a sole proprietorship, partnership, cooperative or
limited liability company that requires access to new or upgraded
services to their business premises
- Not-for-profit businesses
- Teleworking access
|
|
COVID-19 Income Support Fund
Description |
Eligibility |
Application details |
- Provides financial support to
residents of Prince Edward Island to bridge the gap between the
loss of their job/lay-off, loss of their primary source of income,
Employment Insurance benefits have expired or loss of all revenues
through self-employment as a result of COVID-19
- This emergency income fund is a
one-time lump sum payment of $750 from the Government of Prince
Edward Island. This emergency income is taxable
|
Minimum Eligibility Criteria
- an individual, including a student,
who has lost their job/laid off on or after March 13, 2020 due to
the public health state of emergency in Prince Edward Island;
or
- an individual whose Employment
Insurance (EI) benefits have expired and they have no job to return
to due to the public health state of emergency in Prince Edward
Island; or
- a self-employed individual who has
lost all revenues through self-employment on or after March 13,
2020 due to the public health state of emergency in Prince Edward
Island and has not already accessed the Emergency Income Relief for
the Self-Employed; and
- have applied (or plan to apply) for
support through the Federal government (either Employment Insurance
Benefits or the CERB)
Additional eligibility criteria:
- earned a minimum of $5,000 (gross)
earnings in the last 12 months or in the last calendar year
- lost their primary source of
income
- is 18 years of age or older, and
- is a resident of Prince Edward Island
for tax purposes as of December 31, 2019
|
|
Emergency Income Relief for Self-Employed
Description |
Eligibility |
Application details |
- A maximum of $500 per week for the
period of March 16 to March 29, 2020
|
- To be eligible for this component,
self-employed individuals must:
- have declared business income on
their most recent tax return;
- have business income as their primary
source of income;
- be able to demonstrate direct
financial losses resulting from the COVID -19 isolation measures at
the time of application; and
- not be EI eligible or receiving any
other income support (ie. Business Interruption Insurance)
|
|
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