The government has announced the New Ontario Small Business Support Grant, which provides a minimum of $10,000 and goes up to $20,000 to help small business owners during this challenging period.
Small businesses required to close or restrict their services due to the Provincewide Shutdown effective December 26, 2020, can now apply for this one-time grant. Each small business has the option to use this grant in whatever way makes the most sense for them. It can be paying employee wages, rent or maintaining their inventory.
What you’ll get
The grant would provide businesses with dollar-for-dollar support up to a maximum of $20,000 starting at $10,000 for all eligible businesses to help offset lost sales anticipated as a result of the Provincewide Shutdown. The organization must show a minimum of 20% revenue loss by comparing monthly sales in April 2019 and April 2020. This period was chosen because it represents the spring 2020 effect of public health measures and, as such, is reflective of the future impact of the recent measures put 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.
Eligibility
According to the Government of Ontario, in order to be eligible for this support grant, a small business must:
- be required to close or restrict services subject to the Provincewide Shutdown effective 12:01 a.m. on December 26
- have fewer than 100 employees at the enterprise level
- Have experienced a minimum of 20 percent revenue decline comparing April 2020 to April 2019 revenues.
- New businesses established since April 2019 are also eligible provided they meet the other eligibility criteria. They will be able to select alternative months for comparing revenue decline through the application portal. In addition, winter seasonal businesses, such as ski hills, will be permitted to compare revenue from December 2019 or January 2020 to December 2020.
- Businesses will have to have a business number. If a business does not have a business number, they will be directed to apply for a business number before they can proceed with their application.
- They also need to have information about the revenue decline and the number of employees available and would have to attest to the information provided in their application.
Businesses that are Non-Eligible
- Businesses that are not eligible include those that were already required to close prior to the introduction of modified Stage 2 measures on October 10, 2020, and essential business permitted to operate with capacity restrictions (e.g., discount and big box stores selling groceries, supermarkets, grocery stores, convenience stores, pharmacies, and beer, wine and liquor stores).
- Small businesses not in operation in April 2019 or April 2020 will be able to select alternative months for comparing revenue decline through the application portal.
How to Apply
You will be able to apply for the New Ontario Small Business Support Grant by using the link. https://www.app.grants.gov.on.ca/msrf/#/
Once the application is successfully submitted an eligible business can expect to receive a payment within approximately 10 business days. Applications with incomplete or incorrect information, or that require additional review, will experience a delay and will not receive a payment within 10 business days.
For more information and apply, please click the links below:
At BPF Solutions, we recognize that you are going through challenging times right now and we are here to help. We are constantly monitoring the release of new tools and resources available to small and medium-sized businesses as well as working with our lending partners to understand other avenues available to help our clients manage their way through these trying times, aid your recovery and help you grow your business. We are here to help you, so contact us today at 1.877.800.2731, 1.416.222.2909 or info@bpfsolutions.com, so we can discuss your situation and how we can help.
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