Financial Support & Relief
These are some of the grants and resources available to provide support to small businesses. For additional information on different grants and financial support available, please consult the following link for the Financial Relief Navigator.
Ontario COVID-19 Small Business Relief Grant
The government is announcing an Ontario COVID-19 Small Business Relief Grant for small businesses that are subject to closure under the modified Step Two of Roadmap to Reopen. Eligible businesses that are part of the list below which were subject to closures as a result of the province’s move to the modified Step Two of the Roadmap to Reopen will receive a grant of $10,000.
Ontario Business Costs Rebate Program
Eligible businesses that are required to close or reduce capacity will receive rebate payments for a portion of the property tax and energy costs they incur while subject to these measures. Eligible businesses required to reduce capacity to 50 per cent, such as smaller retail stores, will receive a rebate payment equivalent to 50 per cent of their costs, while businesses required to close for indoor activities, such as restaurants and gyms, will receive a rebate payment equivalent to 100 per cent of their costs. Payments to eligible businesses will be retroactive to December 19, 2021 when public health measures were first effective.
Canada Emergency Rent Subsidy (CERS)
Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue during the COVID-19 pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses, starting on September 27, 2020, until October 2021. This subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.
The current claim period closes on March 24th 2022.
Canadian Emergency Wage Subsidy Program (CEWS)
The Federal Government will give 75% wage subsidy of an individual’s first $58,700 of earnings for qualifying businesses up to a maximum of $847 per week, back-dated to March 15, 2020 for up to 3 months. This will help businesses to keep and return workers to the payroll. The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
The current claim period ends on November 4th.
Work-Sharing (WS) is an adjustment program designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer. The measure provides income support to employees eligible for Employment Insurance benefits who work a temporarily reduced work week while their employer recovers.
The length of this program has been extended until September 24th 2022.
Tourism Relief Fund
The tourism relief fund is being provided by the provincial government to empower tourism businesses to create new or enhance exisiting tourism experiences to attract more local and domestic visitors, or to help the sector reposition itself to welcoming international visitors.
Ontario Tourism Recovery Program
The Tourism Recovery Program will support tourism businesses that have experienced a loss of at least 50% of eligible revenue in 2020-21 compared to 2019. Eligible applicants will receive up to 20% of 2020-2021 qualifying revenue losses with a funding cap of $1 million. Program funding will go towards helping businesses reopen safely, develop innovative tourism products, and/or retain and create tourism jobs. Eligible expenses include reopening and operating costs such as staff salaries and maintenance, health and safety measures for visitors and workers, tourism product and experience development, or marketing.
To see the list of eligible businesses, visit the Ontario Tourism Recovery Program page.
The Canada Recovery Hiring Program
For eligible employers with current revenue losses above 10 per cent and increase the subsidy rate to 50 per cent. The CRHP and the Canada Emergency Wage Subsidy (CEWS) support wages you pay through different phases of your economic recovery. Each claim period, eligible employers can claim either CRHP or CEWS, whichever is higher.
The current claim period closes on December 30th 2022.
The Tourism and Hospitality Recovery Program
Tourism and Hospitality Recovery Program, which would provide support through the wage and rent subsidy programs, to hotels, tour operators, travel agencies, and restaurants, with a subsidy rate of up to 75 per cent.
The Hardest-Hit Business Recovery Program
Hardest-Hit Business Recovery Program, which would provide support through the wage and rent subsidy programs, would support other businesses that have faced deep losses, with a subsidy rate of up to 50 per cent.
Hydro One Pandemic Relief Fund
Hydro One customers are eligible for the Pandemic Relief Fund and you can contact 1-888-664-9376 for assistance.
Ontario Emergency Assistance Program
On April 9, 2020, the Government of Ontario announced that they are providing $52 million to support individuals and families in financial crisis through social assistance. This funding will support those who are not able to access federal assistance to cover needs such as food costs, rent, medicine and other essential services during this time.
Business Credit Availability Program (BCAP)
The program will further support financing in the private sector through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). Under this program, BDC and EDC will enhance their cooperation with private sector lenders to coordinate financing and credit insurance solutions for Canadian businesses. This will allow BDC and EDC to provide more than $10 billion of additional support to businesses.
Highly Affected Sectors Credit Availability Program (HASCAP)
The Highly Affected Sectors Credit Availability Program (HASCAP) is a new program for the hardest hit businesses, including those in sectors like tourism and hospitality, hotels, arts and entertainment. HASCAP will help businesses with their day-to-day operating costs during the COVID-19 crisis and enable them to invest in their longer-term prosperity.
This stream will offer 100 percent government-guaranteed financing for heavily impacted businesses, and provide low-interest loans of up to $1 million over extended terms, up to ten years. Hard-hit businesses, like a chain of hotels or restaurants with multiple locations under one related entity, could be eligible for up to $6.25 million.
Ontario Tools Grant
The government is providing an Ontario Tools Grant of $2.5 million in 2020-21 and $7.5 million in 2021-22 and ongoing. This will help new eligible apprentices purchase the equipment they need to start their careers. For more information, see the article on the new grant: Ontario Helps People Impacted by COVID-19 Get Back to Work.
Ontario Restaurant & Bar Support Fund (ORBSF)
To help support as many Ontario Food & Beverage establishments as possible and raise greater awareness of the value of small businesses to the local economy and social scene.
National Social Value Fund
The National Social Value Fund provides an experiential learning program that connects students and organizations passionate about impact investing.
Financial Relief Navigator
Having trouble navigating the financial supports available during COVID-19? United Way Centraide Canada is supporting the development of Prosper Canada’s Financial Relief Navigator alongside United Way Greater Toronto, TD Ready Commitment, Bridgeable, and Maple Leaf’s Feed Opportunity.