Ontario Budget Offers More Support for Businesses

March 25, 2021
The Ontario Government delivered a budget yesterday that contains much needed new funding that will help Thunder Bay’s small businesses endure through these difficult days, as well as vital assistance for tourism, training and broadband infrastructure to help our economy rebuild and recover in the months ahead.

The budget included a doubling of the Small Business Support Grant.  This means that those businesses that were approved for funds in the January application process will automatically receive a second payment.  While I know that these are small dollars, I hope that this extra cash will help many of our struggling businesses with the mounting bills and expenses.

Many tourism businesses were not eligible for the Small Business Support Grant so the Government is setting up a new Tourism and Hospitality Small Business Support Grant that will provide $10k to $20k for those affected businesses.  We’ll be watching for more details on the application process in the coming weeks.

The budget also increased funding to the Digital Main Street program to help small businesses set up online sales portals.  If you haven’t yet taken advantage of that support, now is a good time to call the local CEDC Entrepreneur Centre as they have staff in place to help determine your eligibility and assist with your application.

These are just a few of the important items in the 2021 budget – for more details check out the Ontario Chamber’s Budget review at www.occ.ca