When the clock strikes midnight this New Year's Eve, every Canadian will be wishing for a better year than 2020 provided us. Small business owners in particular are going to be looking forward to a flickering light at the end of this infinitely long COVID-tunnel.
Since March, we have seen the Federal Government of Canada launch, revise, and reorganize benefit programs for Canadian business owners (full details at: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses ) in an attempt to keep them afloat. The Boxing Day shift back into lockdown will almost certainly create additional pressure on every local business in the province. In response, the Ontario Government is launching new benefit programs that attempt to provide much needed support.
At Choice Wealth Management, we wanted to create a cheat sheet for business owners that fully details the new benefit programs being launched in January. Business owners are busy running the business so we will do the reading and deciphering for them. Now it's up to you, the reader, to send this info to your local business. Make sure they know we are still here supporting them. We're all in this together!
Rebates for PPE, Property Taxes, and Energy Bills
1)
Businesses that are, or were, required to shut down or significantly restrict services due to provincial public health measures can apply for rebates to help with fixed costs, such as PPE, property tax and energy bills.
This is a $1,000 grant for businesses with 2-9 employees in retail, accommodation and services, repair and maintenance, personal and laundry services, gyms and yoga studios sectors.
2)
If you are eligible for the above grant, you will also be eligible for rebates on
municipal and education property taxes
energy costs, including electricity and natural gas (or where natural gas is not available, propane and heating oil)
Funding will cover the entire length of time that regionally targeted public health restrictions are in place. For a complete list of eligible businesses for the energy rebate program please visit https://www.ontario.ca/page/businesses-get-help-covid-19-costs .
Ontario Small Business Support Grant
In January 2021, applications will open for the new Ontario Small Business Support Grant, which will help small businesses that are required to close or significantly restrict services under the new Lockdown effective December 26, 2020. This program will provide dollar-for-dollar funding to a maximum of $20,000 for businesses who have experienced a drop in revenue. Additional details for this program will be released in January 2021. Eligible businesses must have fewer than 100 employees, be mandated closed starting December 26th, and have a year-over-year revenue decline of greater than 20%.
We hope this short summary serves as a guide for our local business owners. Send this blog to your favourite local business as a way to show your support. Please reach out if you would like any additional explanations! Best wishes in the New Year!
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