New Small Business Grant
Effective January 2021, businesses that are required to close/restrict services can apply for small business support via a grant.
The grant starts at $10,000 and up to $20,000 for qualified Ontario businesses that demonstrate a revenue decline of at least 20% when comparing monthly revenue in April 2019 and April 2020.
Eligibility
A small business must:
- Be required to shut down or restrict service according to the Provincewide shutdown effective on December 26th.
- Have fewer than 100 employees at the enterprise level
- Have experienced a minimum of 20% decline as indicated above.
For small businesses not in operation on April 2019 or April 2020, as well as further details about the grant will be published during the month of January 2021.
For more information about the grant and additional small businesses support, you can visit the Ontario.ca website using this link
CEBA (Canada Emergency Business Account) loans increased
CEBA loans for eligible businesses was increased from $40,000 to $60,000. The applicants have until March 31st. 2021 to apply for the $60,000 loan, or the $20,000 expansion.
Further details can be found on this link
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