Currently set to Index
Currently set to Follow

Small businesses in Ontario can apply for a $10,000 grant

Old Age Security 2022
Old Age Security (OAS) Eligibility and Amounts in 2022
March 26, 2022
CanadaWorkers Benefit
How to Apply for the Canada Workers Benefit?
March 28, 2022
Grant Application

The Ontario government offers focused relief for organisations and those impacted by the contemporary COVID-19 pandemic. As a part of this plan, the authorities are introducing a $10,000 grant for eligible corporations that are difficult to close below the change to Step Two of the Roadmap to Reopen and are supplying additional strength-price relief for businesses as well as workers and families. It’s basically a new financial relief programme to help businesses affected by the COVID-19 pandemic. If you have a suitable small business, you can apply for Ontario government grants for small businesses.

Ontario Business Expense Rebate Program

The purpose of this programme is to help organisations most tormented by provincial public health measures in reaction to the Omicron variant of COVID-19. On January 18, 2022, the Ontario Business Costs Rebate Program opened.

Businesses directed to close or operate at reduced capacity will receive rebate payments under this system or a part of the property tax and energy costs they incur while complying with these measures.

As smaller retail stores, they are required to reduce capacity by 50% and get a rebate payment equivalent to 50% of their costs. Furthermore, businesses that are required to close for indoor activities such as restaurants and gyms will receive a rebate payment equal to 100 percent of their costs.

When public health measures first come under pressure, payments to eligible companies will be retroactive to December 19, 2021.

Briefly explain the eligibility criteria to apply for the Ontario Business Costs Rebate Program:

Businesses that are eligible for this programme include:

  • Bars and restaurants
  • Gyms and different indoor sports and recreational facilities
  • Retailers (non-grocery, less than 50,000 sq. ft.)
  • Grocery stores (less than 5,000 sq. ft.)
  • Personal care services (hair or frame)
  • Indoor meeting and event areas
  • Places of worship
  • Indoor concert venues and different gaming institutions include theatres, cinemas and
  • Casinos, bingo halls
  • The indoor part of horse and car racing tracks
  • Indoor clubhouses at outdoor recreational services
  • Indoor museums, galleries, aquariums, zoos, technology centers, landmarks, ancient sites, and botanical gardens
  • Indoor business related to excursions and manual offerings
  • Indoor teaching and preparation centres
  • Day camps and a single-day camp for children
  • Before-and after-school applications
  • Pet and veterinary offerings
  • Oxygen bars, steam rooms, bathhouses, and sex clubs are all available.

To observe, eligible companies will post proof of charges associated with belongings tax and electricity payments.

Ontario COVID-19 Small Business Relief Grant

This small enterprise supply helps businesses required to close under the changed Step Two of the Roadmap to Reopen. Eligible organisations will receive a grant of $10,000.

Do the businesses that formerly qualified for the Ontario Small Business Support Grant have to apply for this?

Businesses can be pre-screened to verify eligibility that they are qualified for the Ontario Small Business Support Grant. They can be required to offer some additional information but no longer need to practise for the brand new application.

Which small businesses would be eligible to get this?

Eligible small businesses include:

  • Meeting or event areas
  • Restaurants and bars
  • The tour and manual offerings
  • Facilities for indoor sports and leisure health activities
  • Conference centres and convention centres
  • Driving preparation for people
  • Before-and after-school packages
  • Performing arts venues and cinemas
  • Museums, technology centers, galleries, aquariums, zoos, landmarks, historic websites, and botanical gardens.

As stated by Vic Fedeli, Minister of Economic Development:

According to him, “The backbone of Ontario’s economy is surely job creators, entrepreneurial spirit, and small companies.” Unfortunately, many of these organisations were some of the most impacted by COVID-19, and many remain in the endeavor. Since the beginning of the pandemic, we have given extraordinary support to organisations in each region of the province. With the new Ontario COVID-19 Small Business Relief Grant, our government will offer relief for hundreds of small companies that create jobs for hard-working Ontarians. “

The authorities are also enhancing coin flows for Ontario companies by offering up to $7.5 billion through a six-month interest-and penalty-free period starting January 1, 2022, for Ontario organisations to make payments for most provincially administered taxes. This supports groups now and offers the flexibility they will want for long-term planning. Building on Ontario’s efforts to improve cash flows for agencies, the province maintains its name on the federal government’s healthy provincial tax deferral efforts by allowing small agencies impacted by public health regulations to defer their HST remittances for a duration of six months.

Noted by Lisa MacLeod, Minister of Heritage, Sport, Tourism, and Culture Industries:

Ontario’s background, recreation, tourism, and cultural industries were hit first, hardest, and are expected to take the longest time to recover from the pandemic. These new bits of help are crucial to protecting sectors that donate more than $76 billion and loads of jobs in communities throughout the province. “

Salman Rundhawa
Salman Rundhawa
Salman Rundhawa is the founder of Filing Taxes. Salman provides valuable tax planning, accounting, and income tax preparation services in Toronto, Mississauga, Oakville, and Hamilton.

Leave a Reply

Your email address will not be published. Required fields are marked *

416-479-8532