To further support businesses impacted by COVID-19, the Department of Tourism, Culture, Industry and Innovation today announced provincial actions for eligible business clients.

• Current deferral of loan payments, under the Innovation and Business Investment Corporation’s Business Investment Fund, has been increased to six months. This measure sees an additional three months added to the original three month deferral action announced on March 18, 2020, which started with April payments.
• The hiring eligibility for commercial Research and Development (R&D) projects will be temporarily increased. Specifically, salary support for up to six positions may be considered for eligible commercial R&D projects. The positions may include existing employees, new or a combination of both. This temporary policy pertains to applications approved between April 1 and September 30, 2020.
• Contribution levels have been temporarily increased for eligible project applications under R&D commercial and Business Development Support. Eligible costs will now be covered up to 75 per cent, up from 50 per cent, for applications approved between April 1 and September 30, 2020.

The aim of these temporary measures by the Provincial Government is to disrupt the current and future impacts of the COVID-19 pandemic for business clients.

For the most up-to-date information related to COVID-19, please visit www.gov.nl.ca/covid-19. For general inquiries related to available government services, please email: covid19info@gov.nl.ca.

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“The current and future impacts of this pandemic are becoming more evident day by day in discussions with industry. Many are experiencing restricted cash-flow, low to no sales opportunities, and limited revenue. Businesses big and small are the heart of Newfoundland and Labrador’s economy, and the driving force behind its economic growth. Actions taken by the Provincial Government will help these businesses during this unprecedented time.”
Honourable Bernard Davis
Minister of Tourism, Culture, Industry and Innovation

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Media contact
Eric Humber
Tourism, Culture, Industry and Innovation
709-725-9655
erichumber@gov.nl.ca