Ontario Small Business Support Grant Deadline Extended
By AMP TEAM
The Ontario government recently announced additional support for eligible small businesses to help with the ongoing costs of the COVID-19 pandemic. The Ontario Small Business Support Grant is intended to help businesses recover costs and provide extra support for businesses required to close or significantly restrict services as a result of provincial public health measures.
During the first round, the Ontario Small Business Support grant provided eligible businesses with funding starting at $10,000 up to a maximum of $20,000 in support. On March 24, the government announced a second round of support through the Ontario Small Business Support Grant where small businesses who have been determined as eligible recipients will automatically be entitled to a second payment in an amount equal to the first payment they received.
Combined with the first round of support, the Ontario Small Business Support Grant is expected to deliver an estimated $3.4 billion to approximately 120,000 small businesses across Ontario as part of Ontario’s Action Plan: Protecting People’s Health and Our Economy.
- With this additional round of support, eligible businesses can expect minimum total support of $20,000, up to a maximum of $40,000, over the two Ontario Small Business Support Grant payments.
- Small businesses who have been previously determined as eligible recipients for the Ontario Small Business Support Grant will automatically be entitled to a second payment in an amount equal to the first payment. No new application is required to receive this additional funding.
- To be eligible, a business must demonstrate they experienced a revenue decline of at least 20% 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.
- If you previously submitted an application for other Ontario COVID-19 support grants like the Main Street Relief Grant, Property Tax Rebate Grant or the Energy Cost Rebate Grant, you can also apply for the Ontario Small Business Support Grant which will be added to your existing application.
- If you are an Indigenous business owner without a CRA Business Number, then find out how to apply for the Ontario Small Business Support Grant.
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