Yesterday the Ontario government announces a new budget for the 2021 fiscal year (April 1, 2021, to March 31, 2022). As expected, lots of funding is allocated to healthcare and impacted families, but there is a place for provincial funding for businesses. Here are the major highlights.
- Ontario Small Business Support Grant that provides up to $20K to the most adversely impacted businesses in Ontario is extended. The companies that have already received it may expect another contribution in spring, and they don’t need to apply again. New applicants are welcome.
- Digital Main Street Program that helps businesses get online is extended.
- Funding was promised to wineries, cideries and breweries impacted by the pandemic.
- Regional Opportunities Investment Tax Credit that supports business expansion in Western, Eastern and Northern Ontario is doubled and will reimburse 20% of eligible expenses up to a maximum of $90K.
- Funding for Northern Ontario Heritage Fund has been extended for two years. The new programs will help increase economic development and promote job creation in all regions of the North.
The question now is what will happen to the other provincial funding programs not listed above? The budget does not have a clear answer, but we can foresee the following.
- Eastern Ontario (EODF) and Southwestern Ontario Development Funds (SWODF) have allocated funds until March 2022. The funds support businesses expanding outside Greater Toronto and Ottawa areas.
- Ontario Automotive Modernization Program has allocated funds too but has not announced the next intake yet.
- The destiny of COJG and Canadian Agricultural Partnership will be determined by the Feds, but they delayed the budget until April-May 2021, so we’ll have to wait.
Need help with applying for government funding programs and don’t know where to start?
Fill out Eligibility Check form at http://www.fgwinc.ca/
If the pandemic adversely impacts your business, you’ve applied for all available assistance programs, but your business is still struggling financially, you may qualify for two programs:
- Regional Relief and Recovery Fund – interest-free loan.
- Highly Affected Sectors Credit Availability Program – 4% fixed loan, guaranteed by the government
Contact us to discuss further.