The Ontario government is encouraging small business owners to sign up for any support available in order to keep afloat during these difficult times.
The Canadian Federation of Independent Business said yesterday that one in six, or about 181,000 Canadian small business owners are now seriously contemplating shutting down due to the lockdown.
The province says it has received more than 42,000 applications for the Ontario Small Business Support Grant and businesses that have been approved can expect to receive payment within about 10 business days.
During the Provincewide Shutdown all eligible small businesses facing challenges are being encouraged to apply for this financial support and receive at least $10,000 and up to $20,000.
An update on the new grant was provided today by Peter Bethlenfalvy, Minister of Finance and President of the Treasury Board, Vic Fedeli, Minister of Economic Development, Job Creation and Trade, Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction, and Lisa Thompson, Minister of Government and Consumer Services.
“There’s no question that eligible small businesses need urgent relief to help them navigate this challenging period,” said Minister Bethlenfalvy. “If you own an eligible small business in Ontario, I urge you to visit Ontario.ca/COVIDsupport to join tens of thousands of others to access the support that is available to help navigate COVID-19.”
Small businesses required to close or significantly restrict services under the Provincewide Shutdown are able to apply for the Ontario Small Business Support Grant and use this funding in whatever way makes the most sense for their individual business needs. For example, some businesses could need support paying employee wages, while others could need support with their rent.
The program will financially support a variety of businesses, including restaurants, retail and personal care services. It will help them pay their bills and meet their financial obligations so they can continue to employ people and support their local communities once it is safe to do so.
Eligible small businesses include those that:
- Were required to close or significantly restrict services due to the Provincewide Shutdown imposed across the province effective 12:01 a.m. on December 26
- Have fewer than 100 employees at the enterprise level
- Have experienced a minimum of 20 per cent revenue decline in April 2020 compared to April 2019. New businesses established since April 2019 will also be eligible if they meet the other eligibility criteria.
“As they have in the past, small businesses will continue to play an important role in Ontario’s economic future,” said Minister Fedeli. “The Small Business Support Grant offers a critical injection of funds that can help power them through today, so they can be ready for a brighter tomorrow.”
“Whether your small business employs a couple of close family members or dozens of people from all over the community, it matters to our government and to our province,” said Associate Minister Sarkaria. “That’s why we want you to go to ontario.ca/COVIDsupport to apply for grants that can help bridge the gap to better days ahead. It’s easy, it’s fast, and it’s one of many ways our government is supporting small businesses – every step along the way.”
The Ontario Small Business Support Grant is one of a number of supports available to businesses during the pandemic, such as $600 million available in rebates to help offset fixed costs such as property taxes and energy bills, and grants to help cover the cost of personal protective equipment.
More information about the Ontario Small Business Support Grant and other rebates is available by clicking here.
If you’re a small business owner facing challenges as a result of COVID-19, you may qualify for the new Ontario Small Business Support Grant.
Over 42,000 small businesses have already applied for this one-time grant of up to $20,000.
Apply at:https://t.co/Nwbax8Qn16 pic.twitter.com/QjNSoxt2ac
— Doug Ford (@fordnation) January 22, 2021
If your small business is affected by the Province-wide Shutdown, you could be eligible for up to $20,000 through the new Ontario Small Business Support Grant.
Apply today: https://t.co/McTTPPZCyP pic.twitter.com/lgDg36V7CB
— Doug Ford (@fordnation) January 19, 2021