In the wake of the COVID-19 pandemic, many small businesses in Ontario are struggling to stay afloat. Fortunately, the government has introduced the Ontario Small Business Support Grant to provide financial assistance to eligible businesses. If you’re a small business owner in Ontario, this grant could be the lifeline your business needs to survive.
Here’s a step-by-step guide on how to apply for the Ontario Small Business Support Grant:
1. Determine if you’re eligible
Before you start the application process, you need to determine if your business is eligible for the grant. To be eligible, your business must:
– Have been required to close or significantly restrict services due to the provincewide shutdown that took effect on December 26, 2020.
– Have fewer than 100 employees.
– Have experienced a minimum 20 percent revenue decline as a result of the shutdown.
2. Gather required documents
To apply for the grant, you will need to gather several documents, including:
– Proof of identity (such as a driver’s license or passport)
– Business registration number (such as Articles of Incorporation or Master Business License)
– 2019 or 2020 tax returns
– Proof of revenue decline (such as financial statements or bank statements)
3. Submit your application
Once you have confirmed your eligibility and gathered all the necessary documents, you can submit your application online through the Ontario government’s website. The application process is straightforward and typically takes about 10-15 minutes to complete.
4. Wait for a response
After you submit your application, you will receive an email confirming that your application has been received. You may also be contacted by a government representative if additional information is required. The government aims to process applications within 10 business days, so be sure to check your email regularly for updates.
5. Receive the grant
If your application is approved, you’ll receive the grant funds by direct deposit within approximately 10 business days. The amount of the grant is based on your business’s revenue decline, up to a maximum of $20,000.
In conclusion, the Ontario Small Business Support Grant is a valuable resource for struggling small businesses in the province. By following these steps, you can apply for the grant with confidence and hopefully receive the financial assistance you need to keep your business going during these challenging times.
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