Canada and the world are looking to innovators to help beat COVID-19 with new and accelerated production of health solutions. Last week the Government of Canada announced additional funding directed towards the accelerated development of new products as well as the scale-up and retooling of facilities to deliver on these products and services. To help achieve this, there has been a call for solutions from the Digital Technology Supercluster for the development, deployment and scaling of digital technology and from Next Generation Manufacturing (NGEN) for the provision of equipment, products, and therapeutics in response to virus. These opportunities are open to Canadian companies with a solution in any of these areas.
Further relief came for businesses late last week, when the Government of Canada made an announcement on wage subsidies and interest free loans to help companies avoid layoffs during this time. Today, the federal government provided greater detail on the program:
· 75 per cent of the cost of wages up to $847 per week will be provided
· Businesses of all sizes as well as not-for-profits and charities who have experienced at least 30 per cent revenue loss are eligible
· Payments are to go toward staff salaries, and businesses who are able are encouraged to top up salaries to full pay
· Payments will be backdated to March 15
In addition to the wage subsidy, guaranteed loans of up to $40,000 will be provided interest-free for one year to help those companies who are facing cash flow pressures during the health crisis. The full details of measures announced under Canada’s Economic Response Plan, can be found here. For tools and information on COVID-19 business resilience, the Canadian Chamber of Commerce is providing regular insights and updates that may also be of assistance.
Canada’s Ocean Supercluster is here to support its members and partners however possible, as we work our way through this time and continue the work happening in ocean innovation that will be more important than ever to help drive our economy forward. Stay tuned later this week for the launch of our new Ocean Supercluster website and member portal, a dynamic platform to engage, and stay up to date on the latest news and opportunities.
Stay healthy and safe.
CEO, Canada’s Ocean Supercluster