If you’re a small business owner, 2020 was undoubtedly a challenge on a number of levels. However, if your small business was affected by the December 26th, 2020 province wide shutdown, you may be eligible for some relief, in the form of the Ontario Small Business Support Grant.
Once again SHARP & Associates has you covered, with the answers to any questions you may have regarding the grant:
Who is eligible for the grant?
In order to receive the grant, a small business must:
1. Have been required to close or restrict services based on the December 26th province wide shutdown
2. Have fewer than 100 employees at the enterprise level
3. Have experienced a minimum of 20 percent revenue decline, when comparing April 2020 to April 2019
Who is not eligible for the grant?
Businesses that are not eligible include:
1. Those that were already required to close prior to the introduction of stage 2 measures on October 10th, 2020
2. Essential small businesses which have been permitted to operate with capacity restrictions
What can eligible businesses receive through the grant?
All eligible businesses are entitled to at least $10,000 through the grant and can receive funding up to a maximum of $20,000, in order to help offset decreased revenue resulting from the provincewide shutdown
What can eligible businesses use the grant for?
In short – anything! Businesses can use the grant in the way which works best for them, whether it be paying wages, ordering supplies, etc.
Is a business still eligible if it was established after April 2019?
Yes. Businesses established after April 2019 are still eligible for the grant, so long as they meet the remaining eligibility criteria
Are businesses which were not in operation in April 2019 or April 2020 still eligible?
Yes. Businesses which were not in operation in April 2019 or April 2020 will be able to select alternate months for comparing revenue, through the application portal
What else will be required in order to be able to apply for the grant
Eligible businesses applying for the grant must also:
1. Have a business number. Those without one will be required to apply for a business number before they can apply for the grant.
2. Have information available regarding the revenue decline and number of employees, and be able to confirm the information provided in the application
How soon can eligible businesses expect the funds from the grant?
Eligible businesses who have successfully completed an application can expect the funds within 10 business days, whereas incomplete/incorrect applications will experience a delay.
As always, if you have any questions regarding the grant, or are looking for assistance with any aspect of you small business – from bookkeeping to tax advisory, our team of experts is here to help.
Click the “Get in Touch” button to get started.
Click below to visit the Ontario support website for further details:
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