Applications opened for Ontario's Small Business Support Grant
#OnGov @ontarioCofC @VictorFedeli #smallbusiness @PBethlenfalvy
Ontario government has opened applications for the new Business Support Grant, ontario.ca/COVIDSupport which helps small businesses that are required to close or significantly restrict services under the Province-wide Shutdown effective December 26, 2020. Starting at $10,000 for all eligible businesses, the grant provides businesses with funding to a maximum of $20,000 to help cover decreased revenue expected as a result of the Province-wide shut down.
The business 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 because it reflects the impact of the public health measures in spring 2020, and as such provides a representation of the possible impact of these latest measures on small businesses.
“As Ontario’s employers do their part to defeat COVID-19, they are facing unprecedented challenges as a result of this global pandemic” said Peter Bethlenfalvy, Minister of Finance and President of the Treasury Board. “I encourage every eligible small business owner in Ontario to visit the website: to access the support our government has made available. While we still have a lot of work ahead of us, we can all look confidently to the future as we resolve to do our parts and put COVID-19 behind us”
Eligible small businesses include those that:
• Were required to close or significantly restrict services due to the shutdown
• 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
Once the application is successfully submitted an eligible business can expect to receive payment within approximately 10 business days. Applications with incomplete or incorrect information, or that require additional review, will experience a delay and will not receive payment within 10 business days.