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Prince Edward Island programs | COVID-19: Funding and financial relief programs for startups and small businesses

Canada Publication June 2020

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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