Ontario Small Business Support Grant
Applications are open for the new Ontario Small Business Support Grant, which helps small businesses that are required to close or significantly restrict services under the Provincewide Shutdown effective December 26, 2020.
What you’ll get
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 Provincewide Shutdown.
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.
New businesses established since April 2019 are also eligible provided they meet the other eligibility criteria.
Businesses will be able to use the support in whatever way makes the most sense for them. For example, some businesses could use the support to pay employee wages, while others may need support maintaining their inventory.
Eligibility
To receive the grant, a small business must:
- be required to close or restrict services subject to the Provincewide Shutdown 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 comparing April 2020 to April 2019 revenues. New businesses established since April 2019 are also eligible provided they meet the other eligibility criteria
Businesses that are not eligible include those that were already required to close prior to the introduction of modified Stage 2 measures on October 10, 2020, and essential business permitted to operate with capacity restrictions (e.g., discount and big box stores selling groceries, supermarkets, grocery stores, convenience stores, pharmacies, and beer, wine and liquor stores).
Small businesses not in operation in April 2019 or April 2020 will be able to select alternative months for comparing revenue decline through the application portal.
Businesses will have to have a business number in order to be eligible. If a business does not have a business number, they will be directed to apply for a business number before they can proceed with their application.
They also need to have information about the revenue decline and number of employees available and would have to attest to the information provided in their application.
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.
Source: https://www.ontario.ca/page/businesses-get-help-covid-19-costs
***The information on this blog and website is for educational purpose only and not to be relied upon as professional advice or used for planning without first seeking professional advice. Information is subject to change without notice.***
