Ontario Small Business Support Grant
Applications are now open for the Ontario Small Business Support Grant which aims to provide additional support for small businesses which are affected by the current province-wide COVID-19 shutdown. The grant, which will range from $10,000 to $20,000, will provide extra funding to eligible businesses, to help mitigate the possible impact of the shutdown.
Unlike some of the other existing grants available to small businesses which are geared towards reducing specific business expenses such as rent, wages, property taxes, energy bills, etc., eligible businesses may use their discretion and use the funds from the Ontario Small Business Support Grant to cover any expenses they see fit.
Who Can Apply?
Small businesses eligible to receive the grant are those that:
- were required to close or restrict services due to the most recent province-wide shutdown which came into effect at 12:01 a.m. on December 26, 2020;
- have fewer than 100 employees at the enterprise level; and
- have experienced at least a 20% decline in revenue in April 2020, when compared to April 2019 revenues.
Small businesses which were established after April 2019 will also be eligible for the grant as long as they meet the other eligibility criteria.
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Disclaimer: This article is for informational purposes only and does not provide legal advice, nor does it create a solicitor-client relationship with you or any other reader.