The Small Business Assistance Program is a short-term program offered by the Department of Industry, Energy and Technology (IET) to assist eligible small businesses and non-profit community organizations that experienced revenue losses, increased costs of health and safety protocols and business adaptations due to the COVID-19 pandemic.
The Department of Industry, Energy and Technology (IET) is the lead for innovation, economic development and diversification in Newfoundland and Labrador.
The department focuses on creating a competitive environment to support private sector investment and business growth; and supporting industries in Newfoundland and Labrador such as mining, energy and technology.
Working closely with key stakeholders, the department also develops and monitors supporting regulatory and benefits activities.
Utilize This Offer
1. Eligible applicants will include:
a) small businesses engaged in commercial operations, are open to the public and / or have multiple employees on site at the operation, which have experienced revenue losses and / or increased costs due to health and safety protocols and business adaptations as a result of the COVID-19 pandemic;
b) incorporated non-profit community organizations that operate physical premises open to the general public, have a reduction in non-government revenue since March 16, 2020 due to impacts from COVID-19, such as cancellation of major events, as well as increased costs of operating, such as adaptations required to physical space, online sales innovation and increased costs of health and safety protocols.
3. Applivant organizations must:
a) be Newfoundland and Labrador owned and operated;
b) have been in operation on or before March 16, 2020, with the exception of new start-ups.
4. In the event of businesses with less than $10,000 in annual gross sales or new start-ups with expenditures less than $10,000, the contribution rate will be calculated at 50 per cent of total sales or expenditures. In the event of community organizations with less than $10,000 in nongovernment revenue, the contribution rate will be calculated at 50 per cent of non-government revenue.
Municipalities are not eligible.
Eligible small businesses can apply for a non-repayable contribution of $2,500, $5,000, $7,500 or $10,000 based on eligibility criteria and guidelines.
Eligible non-profit community organizations can apply for a non-repayable contribution of $5,000 or $10,000 based on eligibility criteria and guidelines.
Applications will be processed on a first come, first served basis until December 15, 2021 (or earlier date if funds are exhausted).
For more information, please visit https://www.gov.nl.ca/iet/small-business-assistance-program/