According to a report,businesses that have suffered losses of at least half of their revenue during the are eligible for a recovery , as Ontario’s Government has announced.
The $100-millionwill allow applicants from the , attraction, and leisure sectors in October. The aims to stabilize Ontario’s sector as they recover from the .
In Ontario, where was responsible for an estimated $36 billion economic growth before the ., the revenue generated by the and sector has fallen by about 90% since the start of the . The same goes for
“The last 18 months of thehave been the most challenging Ontario’s industry has ever faced. Previously an economic powerhouse for the province, has been hit by the triple threat that Covid-19 represents— health, economic and social crisis,” says Lisa MacLeod, Minister of Heritage, Sport, and Culture Industries, in a media release.
Beginning on October 13th, Ontario companies that have lost at least 50% of eligible revenue for 2020-2021 compared to 2019 can apply for as much as $1 million in financing. That is 20 percent of their lost income.
Successful applicants may apply the funds to any eligible expense and do whatever makes sense for their company.
The kinds of legally incorporated, for-profit companies eligible for application include
For the list of eligible and ineligible businesses, click here.
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