New Provincial Funding to Support Elgin-Middlesex-London Small BusinessesPublished on December 22, 2020
ELGIN-MIDDLESEX-LONDON—The Ontario government recognizes that small businesses impacted by the necessary public health measures will require additional support in order to continue serving their communities and employing people in the province. That is why the government has announced the new Ontario Small Business Support Grant, which will provide a minimum of $10,000 and up to $20,000 to eligible small business owners to help them navigate this challenging period.
“Elgin-Middlesex-London’s small businesses mean the world to not only their hardworking operators but all members of our communities,” said Jeff Yurek, MPP Elgin-Middlesex-London. “I am proud that the provincial government is providing this needed assistance that will help ensure that these companies weather the storm.”
Small businesses required to close or significantly restrict services under the Provincewide Shutdown will be able to apply for a one-time grant to recover some of their lost revenue.
Each eligible company will be able to use the support in whatever way makes the most sense for their them. For example, some businesses will need support paying employee wages or rent, while others will need support maintaining their inventory.
The grant will provide businesses with dollar for dollar funding to a maximum of $20,000 to 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.
“Small businesses are the backbone of our economy and the lifeblood of our communities,” said Rocco Rossi, President and CEO, Ontario Chamber of Commerce. “Since the beginning of the pandemic, we have called for targeted relief for business. We thank the government for continuing to take critical steps in helping to protect public health while supporting Ontario businesses and their employees.”
Further details, including how to apply, will be announced in January 2021.
This new support for Ontario’s small businesses is part of the Province’s more than $13.5 billion in support for people and jobs outlined in the 2020 Budget, Ontario’s Action Plan: Protect, Support, Recover.