COVID-19 Emergency Income Relief for the Self-Employed – Terms & Conditions
By submitting the Covid-19 Emergency Income Relief for the Self-Employed application (the “Application”), the applicant (the “Applicant”) agrees to the following Terms and Conditions for the COVID-19 Emergency Income Relief for the Self-Employed (the “Fund”). These Terms and Conditions, the Application, and the Fund Guidelines constitute the entire Agreement between the parties.
The financial assistance from the Fund will reimburse 100% of the loss in revenue to a maximum reimbursement of $300 per week for self-employed PEI residents that have lost at least 50% of their (gross) income between December 18, 2021, and January 15, 2022, and who do not have access to other income replacement or insurance programs. Notwithstanding, the Applicant is eligible to receive the Prince Edward Island Emergency Worker payment.
Payment will be based on the actual gross income lost in excess of 50%, as evidenced at the time of application, but in no event shall payment to the Applicant exceed the maximum fund amount or the reported loss of the Business.
“Applicant” means the self-employed person identified on the Application form.
“Contribution” means the financial assistance from the Fund approved for the Applicant.
“Claim Period” means the specified periods and related activities, time, income, or undertaking presented in the Application.
“Eligible Income” means the weekly gross income in excess of 50% lost by a PEI-based self-employed individual as a result of the Temporary COVID-19 Measures announced on December 17, 2021, and accepted by Innovation PEI, and in accordance with generally accepted accounting principles, excluding the following items:
- Loss of income incurred before December 18, 2021, and after January 15, 2022;
- Speculative commission-based earnings;
- Lost income that qualifies for other income replacement or insurance programs;
- Loss of income greater than that of the reported Business loss;
- Seasonal self-employed individuals not currently earning income from the Business and /or Businesses not operating between December 18, 2021, and January 15, 2022; and
- Loss of income that was not going to be earned in the eligible period (ie. cancelled reservations); and
- This list is not exhaustive, and other costs may be deemed not to be related to the Fund.
Payment will be based on the Eligible Income reported on the Application but shall not exceed the weekly maximum reimbursement rate of $300/week and will be reflective of the Applicant’s reported loss. The Contribution will be paid directly to the Business bank account using direct deposit, provided that the:
- Applicant meets all the eligibility criteria of the Fund;
- Applicant provides complete and accurate business banking information;
- Applicant provides a completed Application, including any additional supporting documents requested;
- Applicant attest to retain all documents for a period of three (3) years for audit purposes;
- Availability of Fund budget; and
- Agreement to the Terms and Conditions.
3.0 ADDITIONAL CONDITIONS
In addition to the foregoing, the Applicant agrees to the following conditions:
- Innovation PEI may decline to contribute to any Eligible Income not identified on the Application.
- To make the Application not later than February 28, 2022. If an Application is not received by Innovation PEI by February 28, 2022, the Applicant has no future claim to payment of the Contribution.
- The Applicant consents to have Innovation PEI make any inquiries of such persons, employees, firms, or corporations, and review other COVID-19 Applications, as it deems necessary in order to reach a decision on this Application.
- Release of information related to the funding may be made under the terms and conditions of this Agreement. No announcements may be made by the Business or Applicant without the written approval of Innovation PEI.
- The Applicant agrees that no member of the Legislative Assembly shall be admitted to any part or share of this Contribution, or to any benefits to arise therefrom.
- Should the Applicant fail to abide by any of the conditions of this Agreement, Innovation PEI may require that the Contribution be repaid on demand and any unpaid amounts may be revoked.
- The Applicant will provide all information required by Innovation PEI to complete the assessment of this Application and make payment;
- To permit any authorized representative of Innovation PEI reasonable access to the Business premises to confirm information;
- The information provided in the Application is subject to a proof-of-evidence request at any time for the duration of the COVID-19 Emergency Income Relief for Self-Employed program. The Applicant agrees to preserve and keep available for audit the books, accounts, and records of Eligible Income for a three (3) year period. The Applicant will permit an authorized representative of Innovation PEI reasonable access to the same for the purpose of an audit, and supply such statistical data as may be required by Innovation PEI;
- The Applicant shall indemnify and save Innovation PEI harmless from all claims, demands, actions, and causes of action of third parties that may arise out of this Project.
4.0 OTHER ASSISTANCE
The Applicant may not receive income support from any other source for the Claim Period identified on the Application, apart from the Prince Edward Island Emergency Worker Payment program. If the Applicant accepts any income support from any other source for the Claim Period, Innovation PEI’s approval of the Contribution will be null and void.
This Agreement shall be governed by and construed according to the laws of the Province of Prince Edward Island and the federal laws of Canada applicable therein, and no action or proceeding shall be brought to construe or enforce this Agreement except in those courts having jurisdiction in the Province of Prince Edward Island.
6.0 FREEDOM OF INFORMATION AND PROTECTION OF PRIVACY ACT
Information contained in and collected in relation to this Agreement is subject to and will be treated in accordance with, the Prince Edward Island Freedom of Information and Protection of Privacy Act. The amount of the Contribution may be disclosed at the discretion of Innovation PEI and in accordance with the Freedom of Information and Protection of Privacy Act R.S.P.E.I. 1988, Cap. F-15.01.
Personal information on this form is collected under Section 31(c) of the Freedom of Information and Protection of Privacy Act and is necessary to determine your suitability and/or eligibility for programs delivered by Innovation PEI. If you have any questions about this collection of personal information, you may contact Innovation PEI, Toll-Free: 1-800-563-3734 or Email: firstname.lastname@example.org