Ontario offers small businesses grants of up to $20,000

The Ontario government announced on Friday it has received more than 42,000 applications for the Ontario Small Business Support Grant.

The grant is aimed at small businesses that have been forced to close or significantly restrict services during the province-wide Covid-19 shutdown.

The one-time grant, which ranges from $10,000 to $20,000, is meant to help businesses such as restaurants, retail and personal care services with meeting financial obligations, such as paying rent or employees’ wages.

“There’s no question that eligible small businesses need urgent relief to help them navigate this challenging period,” said Peter Bethlenfalvy, minister of finance and president of Ontario’s treasury board.

Eligible small businesses must have closed or significantly restricted services due to the provincial shutdown imposed on Dec. 26. They must have fewer than 100 employees and have experienced at least a 20% decline in revenue in April 2020 compared to April 2019.

New businesses established since April 2019 may also be eligible using different months to compare revenue. Seasonal winter businesses such as ski hills will be permitted to compare revenue from December 2019, or compare January 2020 revenue to December 2020.

Businesses that have been approved can expect to receive payment within about 10 business days.

Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.