Ontario Business Costs Rebate Program and Registration Open For 2022
The hardships of working through the COVID-19 pandemic are being felt throughout the province by families and businesses alike, and we understand the challenges of working with COVID-19 restrictions, including recent ones brought on by the latest Omicron variant.
The Ontario government wants to reward health-conscious companies and assist in their continued operation despite the pandemic. For this reason, the province has begun accepting registrations for the Ontario Business Costs Rebate Program.
As vaccination rates are only slowly ramping up, we recommend you take advantage of this rebate program as soon as you can for much-needed financial assistance during this unpredictable time.
Read on to learn more about the Ontario Business Costs Rebate Program, as well as other ways the Ontario government is helping out.
How Will the Rebate Work?
Eligible companies that have had to close down or reduce the capacity for public health purposes will have a chance to receive a partial or complete rebate of property taxes and energy costs spent during this time.
- For example, full closures of indoor activities, like the ones experienced by restaurants and gymnasiums, will result in a 100% rebate payment.
- Partial closures and reduced operating capacities like those required for retail stores will result in a 50% rebate payment.
Depending on the type of company, pandemic restrictions have either forced a 50% reduction in operating capacity or entirely shut down the business for the duration of the lockdown. This government program is designed to provide appropriate support depending on your circumstances.
How Do I Take Advantage of the Program?
Even if you have already received COVID-10 support in the past, an application is necessary for admission into this program. Visit the online application from the Ontario government here, where you can also check whether you are an eligible business. As part of the application process, you must provide proof of cost regarding your property taxes and energy bills.
Other Ways, the Ontario Government, Is Supporting Small Businesses
The Ontario Business Costs Rebate Program isn’t the only assistive project in the works that small business owners should be aware of.
Cash Flow Assistance
Up to $7.5 billion is now available to Ontario businesses to cover provincial taxes. This sum can be obtained through a 6-month interest period penalty-free starting January first this year. The province intends for this amount to boost cash flow, assist in long-term decision-making, and improve flexibility.
The COVID-19 Small Business Relief Grant
If your business was subject to close due to Step Two of the Roadmap to Reopen, you might be entitled to a $10,000 grant in February. New small businesses will have an opportunity to apply soon.
If you were already qualified for the Ontario Small Business Support Grant, you would not need to apply to this new program. However, you will be pre-screened and might need extra information to verify your eligibility.
Extended Paid Sick Leave
Workers are the lifeblood of small businesses. To promote workplace health and safety, sick days for COVID-19 have been extended to July thirty-first of this year. Employees can prevent the spread of the disease while not missing out on pay.
Reduced Alcohol Prices For Restaurants
Restaurants will enjoy lower prices for wholesale alcohol orders so that they can reopen outdoor patios more readily and even include alcoholic beverages as part of takeout and delivery orders.
There are many other government initiatives, such as lowering Business Education Taxes, reducing the Corporate Tax Rate for small businesses, and expanding the Employer Health Tax exemption. Stay up-to-date with the latest developments to get the most out of these programs.
Looking for More Insights Into Rebates, Incentives, & Other Programs?
It’s no secret the pandemic has been a challenging time for businesses in virtually all industries between the various lockdowns, capacity limits, and other restrictions.
CHI Real Estate remains dedicated to helping our clients navigate the complexities of the pandemic by providing you with access to the latest information, market insights, and other actionable tips.