Applying for the Ontario Small Business Support Grant: A Step-by-Step Guide
Small businesses are the backbone of the economy, and the ongoing pandemic has made it tough for them to continue operations. To support small businesses, the Ontario government has announced the Small Business Support Grant, which will provide up to $20,000 for eligible small businesses. In this article, we will provide a step-by-step guide on how you can apply for this grant.
Step 1: Check eligibility
The first step to apply for the Ontario Small Business Support Grant is to check if your business is eligible. Your business must meet the following criteria:
– Your business is required to have been in operation for less than a year. Otherwise, you need to show a 20% revenue decline between April 2019 and April 2020.
– Your business should have a minimum revenue of $75,000 per year. Non-profits and charities are excluded from this criterion.
– Your business must have been affected by the province-wide shutdowns that started in December 2020. You need to provide evidence that your business experienced a revenue decline of at least 20% when compared to the previous year.
Step 2: Gather documents
Once you have established your eligibility, the next step is to gather the necessary documents. You will need to provide the following documents:
– Articles of incorporation or business registration
– Proof of business bank account and other business details
– Financial statements
– Proof of revenue decline
– Attestation of truthfulness of the application
Ensure that the documents are complete, accurate, and up-to-date before you proceed to the next step.
Step 3: Apply online
The Ontario government allows online applications for this grant. You will need to visit the Ontario Small Business Support Grant website and fill out the application form. The application process will take approximately 30 minutes, and you will need to provide all the relevant information before submitting the application.
Step 4: Wait for confirmation
After submitting the application, you will receive a confirmation email. The email will provide you with a reference number, which you can use to track the status of your application. The government has indicated that it will take approximately 10 business days to process the application. Once approved, the grant will be deposited directly into your business bank account.
Conclusion
The Ontario Small Business Support Grant is a welcome relief for small businesses affected by the ongoing pandemic. By following the steps outlined above, you can apply for the grant smoothly and efficiently. However, it’s essential to remember that the eligibility criteria and the application process may change. Therefore, you should regularly visit the Ontario Small Business Support Grant website for updates.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)