Ontario Small Business Support Grant

Ontario-Small-Business-Support-Grant

While not getting as much as attention as the province-wide lockdown which is set to start on December 26, the Ontario Small Business Support Grant (OSBGS) was also a significant component of the Province’s announcement from earlier this week.

Although full details will not be available until January, the following are the key aspects of this program:

  • Grant amounts will be between $10,000 and $20,000 for eligible small business owners
  • Eligible small business owners will include:
    • Those required to close or restrict services under the province-wide lockdown;
    • Having fewer than 100 employees at the enterprise level
    • Have experienced a minimum of 20 per cent revenue decline in April 2020 compared to April 2019. For businesses that have commenced since April 2019 or 2020, further eligibility requirements will be released in January 2021.
  • Restrictions on the use of funds appear to be minimal (if any) allowing business owners to decide how best to deploy funding.

Businesses that are not eligible include those that were already required to close prior to the introduction of modified Stage 2 measures, and essential businesses 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).

Applying for the grant

No set date has been announced as of yet regarding the application for this grant, though it is expected to open sometime in January 2021. We would also expect more clarity on what constitutes an eligible business in this timeframe.
When further details are released, we will provide information on the Welch COVID-19 hub. If you have any questions about this or other COVID measures, please do not hesitate to contact your Welch LLP representative.

Author

Chris Meyers, CPA, CA
Partner
cmeyers@welchllp.com
613-236-9191 #534