The Government has Created a Wide Variety of Financial Assistance
See which types of financial assistance are right for your business.
Helping Small Businesses Access PPE as Province Returns to Framework
The Ontario government is expanding the number of small businesses that can apply for the Main Street Relief Grant to help offset the costs of purchasing personal protective equipment (PPE) to cautiously and gradually reopen in parts of the province. Small businesses with 2 to 19 employees in all eligible sectors - expanded from 2-9 employees - including those in the arts, entertainment, and recreation sector, can now apply for up to $1,000 in financial support. The expansion is being made as more parts of the province enter the strengthened COVID-19 Response Framework, which allows for the gradual and safe reopening of in-store shopping at non-essential retail stores.
This one-time grant reimburses main street businesses for up to $1,000 in PPE costs incurred since March 17, 2020. Eligible businesses for the Main Street Relief Grant now include those with 2 to 19 employees in the following sectors:
- retail trade;
- accommodation and food services;
- repair and maintenance;
- personal and laundry services;
- gyms and yoga studios; and
- arts, entertainment, and recreation.
The grant can be used to help cover the costs of a variety of PPE, including installing plexiglass or purchasing gloves and masks. Eligible businesses can apply for this grant and other COVID-19 financial supports - like the Ontario Small Business Support Grant and property tax or energy cost rebates - through a simple online application.
Small businesses can visit ontario.ca/smallbusiness to learn about the many supports available to them. These include resources to find Ontario-made PPE through the Workplace PPE Supplier Directory, tools to build or expand their online presence through Digital Main Street, tailored local support through the Small Business COVID-19 Recovery Network, and free financial advice.
Created by RBC, Canada United is a movement to support local businesses in communities across the country. The Canada United Small Business Relief Fund (CUSBRF) was established to help small businesses offset the cost of expenses to open safely or adopt digital technologies to move more of their business online.
Applications for grants of up to $5,000 will be open again for businesses across all provinces and territories on February 16, 2021 at 1 p.m. EST for expenses incurred no earlier than March 15, 2020.
If you have already applied but have not heard back, you should be contacted by February 15, 2021. If you can’t find an answer to your question(s), contact firstname.lastname@example.org.
Central Counties Tourism (CCT) has set aside $400,000 to help offset the costs incurred by businesses to keep customers safe, stay top of mind with consumers and/or modify their business model to stay relevant and accessible.
Central Counties will reimburse up to 50% of eligible paid expenses (to a maximum of $15,000) incurred beginning April 1, 2020.
Reasonable and necessary expenses that have allowed you to remain engaged with your customers and potential customers throughout the pandemic. These include, but are not limited to:
- implementation of health and safety protocols;
- alterations to accommodate social distancing including the expansion of patio space for restaurants (including tables, chairs, umbrellas) and/or acquisition of equipment like outdoor heaters/tents to extend seasons;
- purchases of PPE and cleaning supplies for workers;
- marketing and communications costs; and,
- acquisition and implementation of digital tools and operating transformations like a virtual queue, timed entry ticketing, contactless check-ins, and/or e-commerce
Hydro One launches Small Business Pandemic Relief Program to connect struggling businesses with up to $3,000 in financial assistance and government relief
On January 28th, 2021, Hydro One announced a Small Business Pandemic Relief Program to provide financial assistance and flexibility to its small business customers when they need it most.
For a limited time only, you could be eligible for up to $3,000* in financial assistance through the Small Business Pandemic Relief Program. This program will help connect businesses to the Government of Ontario’s COVID-19 Energy Assistance Program and offer additional financial relief and flexible payment plans.
If your small business has been impacted by the pandemic, contact Hydro One to find solutions and access the right financial programs for you.
Hydro One Customer Care Centre (open Monday to Friday 7:30am-8:00pm): 1-888-664-9376
Through HASCAP, the Business Development Bank of Canada (BDC) will work with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of up to $1 million.
HASCAP is available to businesses across the country, in all sectors, that have been hit hard by the pandemic. This includes restaurants, businesses in the tourism and hospitality sectors, and those that rely on in-person service. Businesses with multiple locations under one related entity, could be eligible for up to $6.25 million. HASCAP will help businesses with their day-to-day operating costs during the COVID-19 crisis and enable them to invest in their longer-term prosperity.
Eligible businesses can start applying as early as February 1 at principal financial institutions and more widely by February 15. Interested businesses should contact their primary lender to get more information and to apply.
Ontario Announces The New Ontario Small Business Support Grant
The government announced the new Ontario Small Business Support Grant on December 21st, 2020, which will provide a minimum of $10,000 and up to $20,000 to eligible small business owners to help navigate this challenging period.
Small businesses required to close or restrict services under the Provincewide Shutdown will be able to apply for this one-time grant.
Eligible small businesses include those that:
- Are required to close or significantly restrict services subject to the Provincewide Shutdown effective 12:01 a.m. on December 26, 2020;
- Have less than 100 employees at the enterprise level; and
- Have experienced a minimum of 20 per cent revenue decline in April 2020 compared to April 2019.
Starting at $10,000 for all eligible businesses, the grant will provide businesses with dollar for dollar funding to a maximum of $20,000 to help cover decreased revenue expected as a result of the Provincewide Shutdown. The business must demonstrate they experienced a revenue decline of at least 20 per cent when comparing monthly revenue in April 2019 and April 2020. This time period was selected because it reflects the impact of the public health measures in spring 2020, and as such provides a representation of the possible impact of these latest measures on small businesses.
Essential businesses that are allowed to remain open will not be eligible for this grant. More information about the Ontario Small Business Support Grant is available here. The application process for the Ontario Small Business Support Grant is now open, apply here.
Businesses that are impacted by the Provincewide Shutdown will also be eligible for the property tax and energy cost rebates. In November, the government launched a program to provide rebates to offset fixed costs such as property tax and energy bills for businesses that are required to shut down or significantly restrict services due to provincial public health measures. These Ontario Small Business Support Grant rebates will continue to be available for businesses impacted by the Provincewide Shutdown and earlier restrictions. Business can apply for the rebates here.
The RRRF provides liquidity support to businesses and not-for-profit organizations affected by the economic impacts of COVID-19, that are unable to access other federal relief measures, or require additional support.
The Fund, valued at more than $1.5 billion nationally, is delivered by Canada’s regional development agencies.
The Regional Relief and Recovery Fund (RRRF) has been extended and expanded in southern Ontario, with an additional $184 million now available. The expanded parameters include increases in contribution amounts and the timeframe for eligible costs, and are available to new applicants and existing recipients.
Get 3 Types of COVID-19 Relief Funding for Your Business in 1 Easy Portal
The Ontario government is proposing to give municipalities the flexibility to target property tax relief to small businesses. The province is also considering matching these reductions, which would provide small businesses with as much as $385 million in municipal and provincial property tax relief. This initiative is part of the 2020 Budget, Ontario's Action Plan: Protect, Support, Recover.
Through the 2020 Budget, the government also announced that it will lower Business Education Tax (BET) rates for over 200,000 employers, or 94 per cent of all business properties in Ontario, starting January 1, 2021. This will create $450 million in immediate annual savings and represents a reduction of 30 per cent for many businesses.
Property tax rates will be reduced to 0.88 per cent. For many employers, this represents a reduction of 30 per cent if the local government applies a 30 per cent discount with the proposed new small business property subclass.
Taken together, these property tax measures could mean a business like a bakery shop could receive $5,000 in municipal tax relief and $4,000 in provincial property tax relief if the local government applies a 30 per cent discount with the proposed new small business property subclass. Combined with a $1,500 BET reduction, this bakery shop owner would receive a total of $10,500 in property tax savings in 2021.
Your business can apply online for funding from one or more of the following initiatives:
- Main Street Relief Grant for Personal protective equipment (PPE) providing up to $1,000 for PPE costs to eligible small businesses across Ontario with 2 and 9 employees
- Property Tax and Energy Cost Rebate Grants for businesses that were required to shut down or significantly restrict services due to provincial public health measures (modified Stage 2 restrictions or, going forward, in areas categorized as control or lockdown). This provincial application-based grant provides a rebate to eligible businesses in respect of property taxes and energy bills.
This single portal contains information and links to apply for Federal programs for both individuals, families and businesses.
Support for Businesses Includes:
- Canada Emergency Wage Subsidy
- Canada Emergency Business Account (CEBA) Interest Free Loans
- Loan Guarantee for Small and Medium Sized Enterprises
- Regional Relief and Recovery Fund (RRRF)
- Canada Emergency Rent Subsidy
Support for Individuals and Families:
- Employment Insurance (EI) Program
- Canada Recovery Benefit
- Canada Recovery Sickness Benefit
- Canada Recovery Caregiving benefit
- Canada Emergency Response Benefit
- Mortgage Payment Deferral
Applications for the Canada Emergency Rent Subsidy (CERS) are now open.
SUBSIDY IS PAID DIRECTLY TO RENTERS AND PROPERTY OWNERS
The new rent subsidy will be available retroactive to September 27, 2020, until June 2021. The new rent subsidy will provide benefits directly to qualifying renters and property owners, without requiring the participation of landlords.
Qualifying organizations that have suffered a revenue drop are eligible for a subsidy on eligible expenses. The maximum base rate subsidy of 65 per cent is available to organizations with a revenue drop of 70 per cent or more. The base rate then declines to a rate of 40 per cent for organizations with a revenue drop of 50 per cent, and gradually reduces to zero for those not experiencing a decline in revenues. This structure mirrors the Canada Emergency Wage Subsidy rate structure.
Eligible expenses for a location for a qualifying period include commercial rent, property taxes (including school taxes and municipal taxes), property insurance, and interest on commercial mortgages (subject to limits) for a qualifying property, less any subleasing revenues.
As a Canadian employer who has seen a drop in revenue due to the COVID-19 pandemic, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations.
Latest Updates to CEWS as of November 20, 2020
- the subsidy is extended to June 2021
- the maximum subsidy rate for periods 8 to 10 will remain at 65% (40% base rate + 25% top-up)
- beginning in period 8, the top-up rate and base rate are is now calculated using the same one-month revenue drop
- for periods 8 to 10, use the new top-up calculation or the previous 3-month average drop, whichever works in your favour
- the deadline to apply is January 31, 2021, or 180 days after the end of the claim period, whichever comes later
- starting in period 9, the calculation for employees on leave with pay now aligns better with EI benefits
- you can now calculate pre-crisis pay (baseline remuneration) for employees who were on certain kinds of leave, retroactive to period 5
Is your business located in the core of King City, Nobleton or Schomberg? You may qualify for a Community Improvement Plan grant.
The Community Improvement Plan for King City, Nobleton and Schomberg promotes beautification, property improvements and economic development in the three communities. The Plan outlines financial incentives for property owners and tenants to invest in their property and outlines other actions, projects and strategies that the Township will undertake to implement the Plan.
For situations requiring immediate attention, such as having a payment due in the next 48 hours, please contact your CIBC advisor or call 1-877-454-9030.
RBC has stated their commitment to providing financial relief for business clients who have experienced financial hardship as a result of the COVID-19 outbreak. learn more
Scotiabank's support measures are flexible, and include payment deferrals for mortgages and relief on credit products for those who qualify. learn more
TD is offering mortgage payment deferral options for up to 6 months. learn more
6. National Bank of Canada
National Bank of Canada has put in place a variety of programs to alleviate hardship. learn more
To help protect Canadian middle class jobs, and safeguard our economy, the Government of Canada will establish a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada’s largest employers, whose needs during the pandemic are not being met through conventional financing, in order to keep their operations going. The objective of this support is to help protect Canadian jobs, help Canadian businesses weather the current economic downturn, and avoid bankruptcies of otherwise viable firms where possible.
These grant programs are available for businesses in the commercial cores of King City, Nobleton and Schomberg.
The Digital Transformation Grant Program will provide Digital Transformation training and guidance and provide the opportunity for main street businesses to apply for a grant of up to $2,500.
The Digital Service Squad Grant Program is focused on providing one-on-one assistance to small businesses in any region of Ontario. It will include training, advisory support, and a grant to support the Digital Service Squads across Ontario.
The York Region COVID-19 Small Business Recovery Support Program (BRSP) provides free training and mentoring opportunities to help local businesses adapt to the challenges posed by the COVID-19 pandemic. In addition, it will also offer grants of up to $3,500 to help businesses adopt new tools, increase their online presence and implement your new business strategy.
What you can receive:
- Mentoring with a successful local entrepreneur
- Business training on topics ranging from creating and re-evaluating your brand, how can you effectively sell in this digital age, and COVID-19 recovery support
- Free business advisory services
- Business workshops and valuable networking opportunities
- Opportunity to apply for a grant of up to $3,500*