NEW FUNDING SUPPORT FOR SMALL BUSINESS:
Ontario Government announces new Ontario Small Business Support Grant
The Ontario government announced a new Ontario Small Business Support Grant, which will provide a minimum of $10,000 and up to $20,000 to eligible small business owners impacted by the Provincewide Shutdown. The grant is intended to provide businesses with dollar-for-dollar funding to help cover decreased revenue expected as a result of the Provincewide Shutdown.
Small business required to close or restrict services under the Provincewide Shutdown will be able to apply for this one-time grant. Each small business will be able to use the support however it makes the most sense for their individual businesses (e.g. some business will need support to pay employee wages while others will need support for rent).
Essential businesses that are allowed to remain open will not be eligible for this grant.
Eligible small business include those that:
• Are required to close or significantly restrict services subject to the Provincewide Shutdown effective 12:01 a.m. on December 26, 2020;
• Have less than 100 employees at the enterprise level; and
• Have experienced a minimum of 20 per cent revenue decline in April 2020 compared to April 2019.
Businesses must demonstrate they experienced a revenue decline of at least 20 per cent when comparing monthly revenue in April 2019 and April 2020. This time period was selected as it reflects the impact of public health measures in Spring 2020, and provides a representation of the possible impact of the Provincewide Shutdown on small businesses.
More information about the Ontario Small Business Support Grant is available here. Further details, including how to apply, will be announced in January 2021.