Ontario COVID-19 Small Business Financial Aid Resources
It's a difficult time for all small businesses right now, with the pandemic making just the simple cost of doing business go up.
Between pandemic pay raises, additional costs of frequently cleaning and sanitizing, and even installing physical barriers, it's a difficult time for small businesses to have to rearrange for these expenses.
But thankfully, there's many organizations out there, particularly the government that's here to help you get through this.
This is a loan that businesses can apply for that's unique in that during this time, you don't have to pay interest on it. You can take out a loan for up to $40,000 and has loan forgiveness if you can pay back before December 31, 2022. You can apply through your financial institution.
Grants and Other Resources
This program exists to help many businesses develop an online presence. Now, more than ever, it is important for people to be able to find and access information about your business as most people will do their research online before heading out of their homes. This program has multiple streams but their most notable one is a grant up to $2,500 for getting you online and trained to maintain your online presence.
Applications for this fund open October 26, 2020 and will be available for small businesses across the province. This is a reimbursement grant for up to $5000 so this will only help you cover costs of PPE, renovations or costs of getting your business online that you have already purchased. Any of the clear barriers purchased on this website should be eligible under this relief fund.
Upcoming: Main Street Recovery Grant
This grant is in the works of passing through the Ontario Legislation, but applications are expected to open later this year. If you've got fewer than 10 employees, you'll be able to apply for a grant for up to $1000 for purchasing PPE. That should be able to make a decent dent in some of those extra expenses. Our clear and white barrier walls should be included in some of the eligible costs for this program.
Of course, there's many notable funds, grants and loans available out there and it is critical for small business owners to be able to do their research to make it easier for them to get through these times. Remember, you are not in this alone, there are many resources and communities out there ready to help you.