Ontario offering $10,000 grant to small businesses

According to a news release issued by the provincial government, the application portal will open “in the coming weeks” and qualifying small businesses will receive payment in February.

Eligibility

The list of eligible small businesses provided by the government includes:

• restaurants and bars
• facilities for indoor sports and recreational fitness activities (including fitness centres and gyms)
• performing arts and cinemas
• museums, galleries, aquariums, zoos, science centres, landmarks, historic sites, botanical gardens and similar attractions
• meeting or event spaces
• tour and guide services
• conference and convention centres
• driving instruction for individuals
• before- and after- school programs

Furthermore, eligible small businesses that previously qualified under the Ontario Small Business Support Grant (last available in early-2021) and are also subject to closures under the modified Step Two of the Roadmap to Repoen will not need to reapply for the new grant as they will be “pre-screened” for eligibility. Businesses that are newly established may also be eligible for the new grant.

Additional measures

The Ontario government recently introduced the following measures for small businesses:

• Ontario Business Costs Rebate Program offers rebates on property tax and energy costs
• a cap on electricity rates for 21 days
• six-month interest and penalty-free on most provincially administered taxes as of January 1, 2022.

Further details on these measures can be found in our recent Tax Alert.

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