FACTOR Issues COVID-19 Cancellation Policy
The Executive of the Board of Directors of FACTOR has approved a plan to address cancellations of events and activities due to the COVID-19 (coronavirus) pandemic.
By External Source
The Executive of the Board of Directors of FACTOR has approved a plan to address cancellations of events and activities due to the COVID-19 (coronavirus) pandemic.
FACTOR will honour all approved commitments at 100% of the amount approved for funding in situations where the event or activity was cancelled due to the COVID-19 pandemic. In particular, this includes SXSW and the Junos, as well as all other activities such as tours, showcases and certain collective events.
Payments will be made as soon as the applicant submits documentation of project component completion to FACTOR, indicating a coronavirus cancelled activity. Applicants will be asked to file evidence of losses due to non-recoverable expenses incurred.
Some clients may have questions on how this will affect the annual program limits (“caps”). The annual cap in the program where the claim is made will be reduced by the amount of the completion minus the documented non-recoverable expenses. Large events should contact FACTOR prior to making any claims and discuss their situation with the project coordinator in charge of their file.
The situation with respect to the financial effects of coronavirus disruptions is being monitored closely and will be reviewed with the Board of Directors as need be.
