Small Business Investment Grant Application Terms and Conditions
By submitting an application, the Company agrees to the following Terms and Conditions if the Company is approved to receive a Grant. These Terms and Conditions, the Application, Small Business Investment Grant Guidelines, and Claim Form constitute the entire agreement between the parties.
The information provided in this application is, to the best of my knowledge and ability, complete, true, and correct.
The Grant will be subject to the Company purchasing the Eligible Capital assets identified in its application and accepted by Innovation PEI, as identified within the Grant approval notification.
The Grant will be calculated at the rate of 15 percent of Eligible Capital Costs to a maximum Grant amount of $3,750 for Eligible Capital Costs incurred between April 1, 2020 and October 31, 2020. AND, the Grant will be calculated at the rate of 30 percent of Eligible Capital Costs to a maximum Grant amount of $7,500 for Eligible Capital Costs incurred between November 1, 2020 and March 31, 2020.
Payment will be based on actual Eligible Capital Costs as evidenced at the time of your request for payment, but in no event shall it exceed the maximum Grant amount.
1.0 ELIGIBLE CAPITAL COSTS
1.1 Eligible Capital Costs means those reasonable and proper costs identified in the Company's Application which have been accepted by Innovation PEI and are deemed capital expenditures in accordance with generally accepted accounting principles, excluding the following items:
- Allocated cost or value of goodwill;
- Any portion of the cost of an asset that, in the opinion of Innovation PEI, exceeds the fair market value of the asset;
- HST or any other federal or provincial tax which may be eligible to be fully or partially refunded;
- Intangible assets and/or development costs;
- Speculative land acquisitions;
- Personal and passenger vehicles; and
- Capitalized carrying costs (such as interest and labour costs)
1.2 To be an Eligible Capital Cost, a capital asset must be purchased from a third party, unaffiliated, arms-length vendor.
2.1 The Grant shall be disbursed once the Company submits the completed Claim Form detailing the Eligible Capital Costs upon which the request for payment is made.
2.2 The Claim Form must be submitted and must be accompanied by invoices and verification of payment for each item. Instructions on accessing the Claim Form will be provided if you are approved to receive a Grant.
2.3 Individual receipts must have a minimum value of $25.00.
2.4 Payment will only be made to the Company’s bank account name.
2.5 Standard method of payment is Electronic Fund Transfer (EFT). Approved applicants will complete and submit the EFT form. Instruction on accessing the EFT form will be provided if approved to receive a Grant.
3.0 ADDITIONAL CONDITIONS
3.1 In addition to the foregoing, the Company agrees to the following conditions:
- Eligible Capital Costs must be for purchases made between April 1, 2020, and March 31, 2021;
- The Company's request for payment must be submitted to Innovation PEI not later than May 30, 2021. If the completed Claim Form and required documents is not received by Innovation PEI on or before May 30, 2021, the Company will be deemed to have declined the Grant and will have no future claim to payment of the Grant.
- The applicant consents to having Innovation PEI make any inquiries of such persons, firms, or corporations as it deems necessary in order to reach a decision on this application;
- The applicant will provide all information required by Innovation PEI to complete the assessment of this application;
- Innovation PEI may decline to contribute to any cost incurred for the purchase of a Capital Cost that was not identified in the Company's application;
- 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 without written approval of Innovation PEI;
- To permit any authorized representative of Innovation PEI reasonable access to the Company's premises to inspect the Capital Costs assets;
- To preserve and keep available for audit the books, accounts and records of the costs of the Project for 36 months after the completion of the project and supply such statistical data as may be required by Innovation PEI;
- To obtain all necessary environmental clearance certificates, building permits, licenses, etc., as required by applicable Federal, Provincial, and Municipal regulatory bodies and agencies, and as well, obtain a signed, written lease agreement for the real property if being leased;
- That good standing be maintained with the Consumer, Corporate and Insurance Division of the Office of the Attorney General during the lifetime of Grant;
- That the Company 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;
- Assignment by the Company of the proceeds under the Grant as security to third parties shall not be valid without the prior express written consent of Innovation PEI;
- The Company agrees that no member of the House of Commons of Canada, Senate or the Legislative Assembly of Prince Edward Island shall be admitted to any part or share of this Grant or to any benefits to arise there from;
- That the Company shall not, during the 12-month period following the purchase date of the Capital Cost, sell or otherwise dispose of or cease to use asset(s) for which a grant towards the cost has been made, without the prior written consent of Innovation PEI;
- To further assist in economic development in P.E.I., the Company shall consider purchasing all capital and operating materials, supplies, and services from local P.E.I. firms, providing such firms are able to provide same at competitive costs and provide equal quality and service;
- Any Company that has a defaulted financial obligation to any Department or Agency of the Province of Prince Edward Island is not eligible for a Grant;
- If a Company is approved for a Grant and subsequently defaults on a financial obligation to any Department or Agency of the Province of Prince Edward Island, payment of the Grant will be issued:
- Firstly, to the Department or Agency of Province of Prince Edward Island any amount that is owing as a result of the defaulted financial obligation; and
- Secondly, to the Company.
- In the event the Company fails to comply with the Terms and Conditions of the Grant or ceases operations or conducts thereon activities not eligible under Innovation PEI's financial support, the Grant shall be terminated and any incentives paid during the period of non-compliance shall be refunded to Innovation PEI.
4.0 OTHER GOVERNMENT ASSISTANCE
4.1 The Company will inform Innovation PEI promptly, in writing, of any further Federal, Provincial, or Municipal assistance to be received for the Project. Innovation PEI shall have the right to adjust the amount of the Contribution to take into account the amount of any such further assistance that is to be received.
5.1 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
6.1 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 support 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-15.01The applicant consents to having Innovation PEI make any inquiries of such persons, firms or corporations as it deems necessary in order to reach a decision on this application.
- Application must be submitted online before any financial or legal commitment is made on the project.
- 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