Small Business Assistance Terms and Conditions
By submitting the Small Business Assistance application (the “Application”), the applicant (the “Business”) agrees to the following Terms and Conditions of the Small Business Assistance program (the “Grant”). These Terms and Conditions, the Application, the Request for Payment, the Small Business Assistance Guidelines and the Attachments, constitute the entire agreement between the parties.
The Grant will be calculated at the rate of 50% of Eligible Project Costs, to a maximum Grant amount identified by Innovation PEI within the Grant approval notification.
Payment will be based on actual Eligible Project Costs as evidenced at the time of Request for Payment and as approved by Innovation PEI, but in no event shall it exceed the maximum Grant amount.
“Business” means the business identified in the application form.
“Grant” means the financial assistance approved by Innovation PEI for Small Business Assistance.
“Project” means the specified related activities, work or undertaking described in the Application.
“Quote” means a document provided by the service provider detailing work to be completed (statement of work) and the agreed fixed cost.
“Eligible Project Costs” means those reasonable and proper costs of the Project which have been accepted by Innovation PEI in accordance with generally accepted accounting principles, and subject to the maximum eligible costs for specific activities, as specified in the “What activities and costs are supported” section of the Small Business Assistance Guidelines, excluding the following items:
- HST or any other federal or provincial tax which may be eligible to be fully or partially refunded;
- Any portion of the cost or service that, in the opinion of Innovation PEI, exceeds the fair market value;
- Cost incurred for the project that were not identified in the application; and
- This list is not exhaustive, and other items may be deemed ineligible by innovation PEI.
“Request for Payment” means the a completed claim form, a copy of each supplier invoice and proof of payment for each Eligible Project Cost, and a copy of strategies or plans generated as a result of the Project.
The Grant will be disbursed once the Business has submitted a completed Request for Payment to Innovation PEI. The contribution will be paid using direct deposit provided that the Applicant provided:
- Complete and accurate business banking information;
- A completed Request for Payment including copies of invoices and proof of payment and any additional supporting documents requested; and
- Agreement to these Terms and Conditions is provided.
In addition to the foregoing, the Business agrees to the following conditions:
- To commence work on the Project on or after the date the Business submits the application to Innovation PEI; Innovation PEI may decline to contribute to any costs incurred prior to this date.
- Submit a Request for Payment to Innovation PEI not later than three (3) months after the Project end date as noted on the Application. If the Request for Payment is not received by Innovation PEI within three (3) months from the Project end date, the Business will be deemed to have declined the Grant and may have no future claim to payment of the Grant.
- Submitting an Application before any financial or legal commitment is made on the project.
- Release of information relating to the funding of this Project may be made under the terms and conditions of this agreement. No announcements may be made by the Business without the written approval of Innovation PEI.
- No member of the Legislative Assembly shall be admitted to any part or share of this agreement, or to any benefits to arise therefrom.
- To assist in economic development in P.E.I., the Business shall consider purchasing materials, supplies, or services from local P.E.I. firms, provided such firms are able to afford same at competitive costs and provide equal quality and service;
- Should the Business fail to abide by any of the conditions under this agreement, Innovation PEI may require that the Grant be repaid on demand and any unpaid amounts may be revoked.
- The Business agrees to preserve and keep available for audit the books, accounts, and records of costs of the Project for 36 months after the completion of the project and the Business 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 Business 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.
The combined project funding from all non-repayable government sources cannot exceed 75 per cent of eligible costs. The Business will inform Innovation PEI promptly in writing of any further Federal, Provincial, Municipal or other outside assistance to be received for the Project, and Innovation PEI shall have the right to adjust the amount of the Grant to take into account the amount of any such further assistance that is to be received.
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.
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 R.S.P.E.I. 1988, Cap. F-15.01 (the "FOIPP Act"). Any information provided in respect of this Agreement may be subject to release under the FOIPP Act.
The amount of the Contribution may be disclosed at the discretion of Innovation PEI and in accordance with the FOIPP Act. For additional information contact Innovation PEI or see https://www.princeedwardisland.ca/en/information/justice-and-public-safety/foipp-frequently-asked-questions.