BioNova Supports BIOTECanada initiatives (IRAP & SR&ED)

by | Apr 1, 2020 | News

BioNova is supporting an initiative from BIOTECanada concerning IRAP and expediting SR&ED claims.Two programs which have become instrumental in supporting early stage companies, namely: the Industrial Research Assistance Program (IRAP) and the Scientific Research and Experimental Development (SR&ED) tax credit can offer significant value to support sector companies.

As companies endeavour to address the rapidly evolving challenges presented by the COVID-19 virus, some of the administrative oversights of the programs are diverting company resources away from their research efforts. Given the unique nature of these small science focused SMEs and the limitations on acquiring loans and attracting investment, the industry is requesting the government work to expedite the processing of SR&ED tax credits to the greatest extent possible over the coming months.

Ensuring the timelines of review and audit are streamlined to allow for the vital payments to be returned to companies will allow them to maintain operations to the fullest level possible, and protect the jobs of highly skilled workers during this time.