Ontario's New COVID-19 Support For Businesses Will Help Pay Energy Bills & More

Ontario is launching two new programs to help businesses impacted by Omicron variant restrictions pay their taxes and other bills.

On December 22, the Ontario Government announced that support will be provided through a Business Cost Rebate Program and a six-month period for businesses to make payments on the majority of provincial taxes with no interest or penalties.

The Business Cost Rebate Program will allow eligible businesses impacted by new 50% restrictions, curfews and more to collect a 50% rebate on property tax and energy costs they rack up while under restrictions.

Peter Bethlenfalvy, Minister of Finance, says they recognize "necessary capacity limits to reduce the transmission of the virus will impact businesses, and that's why we are introducing these new supports, which will put money directly into the hands of business and free up their cash flows during this critical time."

Impacted businesses will be able to apply for the rebate program in "mid-January" and collect payments retroactively from December 19.

The complete list of eligible businesses will be released in mid-January however some listed businesses include "restaurants, smaller retail stores and gyms."

The six-month period business won't have to worry about interests, or late penalties on certain provincial taxes starts on January 1 and will run until July 1, 2022.

The eligible taxes include "Employer Health Tax, Beer, Wine & Spirits Taxes, Tobacco Tax, Insurance Premium Tax, Fuel Tax International Fuel Tax Agreement, Gas Tax, Retail Sales Tax on Insurance Contracts & Benefit Plans, Mining Tax, [and] Race Tracks Tax."

According to the press release allowing businesses to delay their payments "will provide up to $7.5 billion in relief to help approximately 80,000 Ontario businesses."