Ontario Grant
Here is some info on the new Ontario grant. If you were a business that has suffered a 20% loss from April 2019 in income compared to April 2020. You are more than likely eligible for the Ontario grant. You must have an incorporated business prior to March 2020. The grants range from 10,000 20,000. They are available for businesses that have suffered a 20% reduction. The revenue in comparison from April 2020 to April 2019. There is also a rent subsidy offered by Ontario, and a wage subsidy plus a utility subsidy.
CEBA
Also CEBA has been increased from 40,000 to 60,000. If you were a business and incorporated prior to March 2020 please get in contact. There is possibly is money available for you. I’ve spoken to many businesses that essentially gave up and never applied based on the rumours and horror stories about the application process. This is not the case. You are eligible especially if you have a payroll account prior to March 2020 and again if your business has reduced income you’re more than likely eligible.
BDC
The BDC program is also available for businesses that have a 50% reduction in income. You must show 3 months of reduced deals and they do not have to be consecutive. The 3 months of 50% reduced income must be within 8 months of the application. This loan is through your bank but is guaranteed by the BDC. The loans are at 4% and can have a maximum amortization of 10 years.
For Help wth the Ontario Grant, Call or text me today at 416-697-6478 to get help with CEBA Loan application, Wage Subsidy, or the Rent subsidy program. You can also email me at info@bbsaccounting.ca. I will connect you with one of our accountants and we can start to get you back on track and save your business.
500 King St. W., Suite 300 – BBS Accounting CPA
