Ontario Small Business Grant
The province-wide lockdown that began on December 26, 2020 has forced many businesses to close their doors or significantly restrict their services. To mitigate losses and help business owners cover costs, the provincial government has created the Ontario Small Business Grant.
Learn more about the Ontario Small Business Grant
- The grant provides funding between $10,000 and $20,000 to cover decreased revenue expected as a result of the province-wide shutdown.
- Eligible businesses must demonstrate a revenue decline of at least 20% when comparing April 2019 with April 2020.
- New businesses established since April 2019 may also be eligible provided they meet other eligibility criteria outlined on the grant’s webpage.
- Businesses may use the funding to offset whichever costs they deem most necessary, including: employee wages, inventory, and more.
- The business must have been required to close or restrict services subject to the province-wide shutdown effective 12:01 a.m. on December 26, 2020.
- The business has fewer than 100 employees.
- The business has experienced a minimum of 20% revenue decline comparing April 2020 to April 2019. (New businesses established since April 2019 are also eligible provided they meet the other eligibility criteria.
Nov 15, 2020
Have your revenues dropped due to COVID-19?
Many small businesses are struggling to stay afloat and cover their fixed costs, such as rent and insurance, while taking a negative impact on their revenues. Government assistance has emerged to help businesses pay for their rent, but many have had their fate put into the hands of their landlords to apply for the assistance. The new Canadian Emergency Rent Subsidy (CERS) is being introduced to provide rent relief for businesses and allows these businesses to apply to the assistance directly as opposed to waiting for their landlords to do so.
What is the CERS and how does it work for small businesses?
- Rent and mortgage support available until June 2021 for qualifying organizations impacted by COVID-19
- Funds go directly to the business, not the landlord
- Can cover up to 65% percent of eligible expenses until December 19 2020
- Businesses are able to make claims retroactively for the period that began September 27 and ends October 24, 2020
- A top-up CERS of 25% for businesses temporarily shut down by a mandatory public health order issued by a qualifying public health authority—in addition to the 65% subsidy,—grants up to 90% of coverage for the hardest hit businesses!
Need help applying for the Ontario Small Business Grant and creating a resilient business amid the COVID-19 pandemic and beyond? Contact us today to connect with an EIO Expert! We offer complimentary audits to determine employee-related issues within your organization and plan how to optimize your employee investments.