The Ontario Small Business Support Grant is a much-needed initiative that has helped small businesses in Ontario stay afloat during the COVID-19 pandemic. However, navigating the application process can be overwhelming, especially with the plethora of information available online. In this article, we will break down the five things that you need to know about applying for the Ontario Small Business Support Grant.
1. Eligibility criteria
To qualify for the grant, your small business must meet certain eligibility criteria. These include having experienced a minimum of 20% revenue decline in one or more months after April 2020 compared to the same month(s) in the previous year. Additionally, your business must have been in operation prior to January 1, 2020, and have at least one employee, among other requirements.
2. Application process
The application for the Ontario Small Business Support Grant is open from January 15, 2021, to March 31, 2021. To apply, you will need to provide supporting documentation such as financial statements for the previous year, the Canada Revenue Agency business number, a valid email address, and proof of eligible non-deferrable expenses.
3. Grant amount
The grant amount that your business may receive depends on its size and the revenue decline experienced. Small businesses with revenue of $20,000 or less will receive a grant of $10,000. For those with revenue above $20,000 and up to $1 million, the grant amount will be up to $20,000. Large businesses with revenue above $1 million can receive a grant of up to $40,000.
4. Non-deferrable expenses
The grant is intended to help businesses cover eligible non-deferrable expenses, such as rent, employee wages, insurance, property taxes, and utilities. Examples of non-eligible expenses include debt payments, lease payments for vehicles or equipment, and amortization expenses.
5. Use of funds
It is important to note that the funds received through the Ontario Small Business Support Grant can only be used to cover eligible non-deferrable expenses from regulated or non-regulated utility providers and property taxes. Any unused funds must be returned to the government.
To sum up, the Ontario Small Business Support Grant can provide a much-needed lifeline for small businesses struggling during the pandemic. By understanding the eligibility criteria, application process, grant amount, non-deferrable expenses, and use of funds, businesses can make informed decisions when applying. We hope that this article has provided you with valuable insights into the Ontario Small Business Support Grant program.
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