TORONTO: The Ontario government is providing additional support to eligible small businesses to help with the ongoing costs of the COVID-19 pandemic.
Confirmed eligible recipients of the Ontario Small Business Support Grant will automatically receive a second payment equal to the amount of their first payment, for minimum total support of $20,000 up to a maximum of $40,000.
This support to help small business owners keep the doors open and workers employed is part of the 2021 Budget, Ontario’s Action Plan: Protecting People’s Health and Our Economy.
Today, Peter Bethlenfalvy, Minister of Finance and President of the Treasury Board, reinforced the importance of this increased support at a virtual fireside chat hosted by the Canadian Club.
“One of the most significant inequities of the pandemic has been the impact on small business owners and their employees who have faced significant restrictions,” said Minister Bethlenfalvy.
“That’s why in the Budget yesterday we announced a second payment of the Ontario Small Business Support Grant — so that eligible small businesses will automatically receive a second payment in an amount equal to their first. Businesses in communities from Sarnia to Sault Ste. Marie have said this support is the difference between keeping the lights on and turning them off for good.”
Through these two rounds of support, the Ontario Small Business Support Grant is projected to deliver an estimated $3.4 billion to approximately 120,000 small businesses across Ontario, protecting jobs through this difficult time.
Businesses can 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.
Launched in January, the Ontario Small Business Support Grant provides direct financial support to eligible small businesses that were required to close or significantly restrict services under the Provincewide Shutdown that came into effect in December 2020.
Small businesses who have been determined as eligible recipients of the grant will automatically be entitled to a second payment in an amount equal to the first payment they receive. They will not need to apply again to receive this additional funding.