Downtown Kingston! | Resources for financial assistance
COVID-19 restrictions have been devastating for many in the small business community. We will do our best to keep up with various levels of government support and post to this page.

Resources for financial assistance

COVID-19 restrictions have been devastating for many in the small business community. We will do our best to keep up with various levels of government support and post to this page.

01-12-2021

CEBA and RRRF Loan Repayment Extended by Federal Government, Hardest Hit Tourism and Hospitality Businesses Still Need Your Help 

Today the federal government has announced that the repayment deadline to qualify for partial loan forgiveness for both the CEBA and RRRF loans is being extended from December 31, 2022, to December 31, 2023.  

Both CEBA and the RRRF have helped small businesses and other organizations remain resilient and financially solvent throughout the pandemic. 

For more information, please visit here. 

***************************************************************************

Small Business Relief Grant for small businesses

The Ontario government announced a new Ontario COVID-19 Small Business Relief Grant for small businesses that have been subject to closure under the modified Step Two of the Roadmap to Reopen. The program will provide a $10,000 grant to eligible businesses. Applications for the Ontario COVID-19 Small Business Relief Grant will be open in the coming weeks.
Eligible small businesses include:
  • Restaurants and bars;
  • Facilities for indoor sports and recreational fitness activities (including fitness centres and gyms);
  • Performing arts and cinemas;
  • Museums, galleries, aquariums, zoos, science centres, landmarks, historic sites, botanical gardens and similar attractions;
  • Meeting or event spaces;
  • Tour and guide services;
  • Conference centres and convention centres;
  • Driving instruction for individuals; and
  • Before- and after-school programs.
Eligible businesses that qualified for the Ontario Small Business Support Grant and that are subject to closure under modified Step Two of the Roadmap to Reopen will be pre-screened to verify eligibility and will not need to apply to the new program. Newly established and newly eligible small businesses will need to apply once the application portal opens in the coming weeks. Small businesses that qualify can expect to receive their payment in February.
 

***************************************************************************

Ontario Business Costs Rebate Program

Online applications for the Ontario Business Costs Rebate Program will open on January 18. This program will provide eligible businesses that are required to close or reduce capacity with rebate payments for up to 100 percent of the property tax and energy costs they incur while subject to public health measures.
 
Eligible businesses required to close for indoor activities, such as restaurants and gyms, will receive a rebate payment equivalent to 100 percent of their costs. Those required to reduce capacity to 50 percent, such as smaller retail stores, will receive a rebate payment equivalent to 50 percent of their costs. A complete list of eligible businesses will be provided prior to the launch of the application portal. 
 

***************************************************************************

Improving Cash Flow for Ontario Businesses

The government is also improving cash flows for Ontario businesses by providing up to $7.5 billion through a six-month interest- and penalty-free period starting January 1, 2022, for Ontario businesses to make payments for most provincially administered taxes.

Current provincial measures to support businesses and workers include:

  • Cutting wholesale alcohol prices to provide approximately $60 million in annual support to restaurants, bars and other businesses, as well as making it easier for businesses to create and extend patios and permanently allowing licenced restaurants and bars to include alcohol with food as part of a takeout or delivery order.
  • Extending COVID-19 paid sick days until July 31, 2022, to keep workers safe and ensure they do not lose pay if they need to miss work for reasons related to COVID-19.
  • Enabling an estimated $10.1 billion in cost savings and support to Ontario businesses in 2021, with more than 60 percent, or $6.3 billion, going to small businesses, including:
    • Supporting a reduction in Workplace Safety and Insurance Board (WSIB) premiums.
    • Allowing businesses to accelerate write-offs of capital investments for tax purposes.
    • Reducing the small business Corporate Income Tax rate to 3.2 percent.
    • Providing the Digital Main Street program, which helped more than 20,000 businesses across the province to increase their digital presence in 2020-21.
    • Introducing and temporarily enhancing the Regional Opportunities Investment Tax Credit to encourage investments in certain regions of Ontario that have lagged in employment growth in the past.
    • Providing targeted COVID-19 support through the Ontario Tourism and Travel Small Business Support Grant.
    • Lowering high Business Education Tax (BET) rates for job creators.
    • Increasing the Employer Health Tax (EHT) exemption from $490,000 to $1 million.
    • Lowering electricity bills through measures such as the Comprehensive Electricity Plan, with the Province paying for a portion of high-priced, non-hydro renewable energy contracts.