The Ontario government has announced the creation of the Ontario Small Business Support Grant for small businesses required to close or restrict services under the Provincewide Shutdown.
Small businesses will be able to use the funds in whatever way makes the most sense for their business, such as paying wages, rent or maintaining inventory.
Eligible small businesses 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 percent revenue decline in April 2020 compared to April 2019.
Ontario Small Business Support Grant Amounts
The Ontario Small Business Support Grant will provide a minimum of $10,000 and up to $20,000 to help offset the decreased revenue expected as a result of the Provincewide Shutdown. The applicants will need to demonstrate a revenue decline of at least 20 percent when comparing April 2019 to April 2020. April was selected as it reflects the impact of the public health measures in place in spring of 2020 and thus provides a representation of the possible impact of the latest public health measures.
Businesses not eligible for the Ontario Small Business Support Grant
Essential businesses that are allowed to remain open will not be eligible for this grant. For small businesses not in operation in April 2019 or April 2020, eligibility criteria will be announced in January 2021.
How to apply for the Ontario Small Business Support Grant
Further details, including how to apply for the Ontario Small Business Support Grant, will be announced in January 2021.
Maximize Wealth. Minimize Taxes. Create Results.
Strategic advice and straightforward guidance so you can make educated choices that support your growth and success. Get our articles and make sound financial decisions.