Ontario provides $300M to help businesses that closed due to COVID-19 restrictions

The Ontario government is providing $300 million to businesses that closed in COVID-19 hotspots or those that will be closed in the future.

On Tuesday, Finance Minister Rod Philips announced that $300 million will be made available to businesses required to close or “significantly restrict services,” in areas subject to modified Stage 2 public health restrictions — Ottawa, Peel, Toronto, and York Region — or areas categorized as “control” or “lockdown” in the future.

This will now allow for rebates to cover the period of time that businesses are required to temporarily close or restrict services.

Property tax rebates will be net of any federal support in respect of property taxes provided through the new Canada Emergency Rent Subsidy (CERS) so that the rebate will cover costs beyond those covered by CERS.

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According to the government, beginning November 16, eligible businesses will be able to apply for temporary property tax and energy cost rebates directly to the province through a single, online application portal.

Many businesses should expect to receive their rebate payments within a few weeks of finalizing and submitting their completed application.

Eligible businesses include restaurants, bars, gyms, and cinemas.

“On Thursday, I’ll introduce Ontario’s 2020 Budget, the next phase of Ontario’s Action Plan,” said Phillips.

“It is a plan that will have three pillars. As we announced yesterday, the first is protect. The second pillar is support because we know COVID-19 has brought severe challenges and economic difficulties to families and employers. Supporting businesses affected by necessary public health restrictions in regions experiencing a greater risk from COVID-19 is one way we are helping employers manage during these difficult times.”

Earlier on Tuesday, the federal government said there will be new lockdown supports.

This means the Canada Emergency Rent Subsidy can provide an additional 25% to qualifying businesses that are subject to a lockdown and must shut their doors or significantly restrict actives under public health orders.

Combined, these new measures will provide hard-hit businesses that are subject to a lockdown with rent support of up to 90%.