The OCSA is pleased to work with both the Federal and Ontario government on programs that are available for our industry. In many cases your business should qualify as follows:
A) PPE Small Business Grant – Ontario’s Main Street Relief Grant
Find out if your business is eligible to recover costs for personal protective equipment (PPE) or for rebates to help with fixed costs, such as property tax and energy bills. More.
B) Wage Subsidy
As a Canadian employer who has seen a drop in revenue due to the COVID-19 pandemic, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations. More.
C) Rent Subsidy
The government proposed the new Canada Emergency Rent Subsidy to provide direct relief to businesses, non-profits, and charities that continue to be economically impacted by the COVID-19 pandemic. The new rent subsidy would be available retroactive to September 27, 2020, until June 2021. More.
D) Small Business Loan Program
Another option for relief is the small business loan program offered through financial institutions. This program helps qualifying businesses manage non-deferrable operating expenses. The pre-requisites are listed here:
•A $40,000 interest-free (until December 31, 2022), government guaranteed loan to help you pay for operating costs that you’re not able to defer as a result of COVID-19.
•$10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is fully repaid on or before December 31, 2022.
•If the loan is not repaid by December 31, 2022, it will be extended for an additional 3 year term bearing an interest rate of 5% per annum.
•The loan can be repaid at any time without penalty.