2021 Budget invests $1.7 billion in second round of payments foe eligible small businesses
2021 Budget invests $1.7 billion in second round of payments for eligible small businesses
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.
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 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.
“Small businesses have faced some of the most difficult impacts of COVID-19, all while continually stepping up to help their communities and bringing forward their innovative ideas and solutions throughout the pandemic,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We introduced the Small Business Support Grant to give businesses a helping hand, and today nearly 100,000 businesses have received over $1.414 billion in support. In the 2021 Budget we announced a second round of payments will be made to eligible recipients to make sure our small businesses continue to be supported as we get closer to our economy reopening.”
Eligible business owners who have not yet applied for the grant have until March 31, 2021, to submit an application. A detailed list of businesses eligible for the Ontario Small Business Support Grant is available on the application page. Business owners can also visit Ontario.ca/COVIDsupport for more information about this grant as well as Ontario’s other supports for businesses.
“Protecting our economy starts with protecting our small businesses and the people who pour everything into making them grow,” said Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction. “With this record investment, we’re giving our small businesses the support they need to stay safe, stay solvent and see a brighter tomorrow.
Healthy people are essential for a healthy economy. With vaccines being distributed, hope is on the horizon. Ontario’s Action Plan: Protecting People’s Health and Our Economy provides the resources necessary to finish the battle with COVID-19, building on the government’s record investments to protect health and jobs during the global pandemic.
Eligible businesses can apply for the Ontario Small Business Support Grant, as well as the Main Street Relief Grant for Personal Protective Equipment and the Property Tax and Energy Cost Rebate Grants through a single, hassle-free online application.
Ontario’s Action Plan: Protecting People’s Health and Our Economy brings total investments to $16.3 billion to protect people’s health and $23.3 billion to protect our economy. Ontario’s COVID-19 action plan support now totals $51 billion.