Eligible businesses can get rebate with property tax and energy costs
Jan. 20, 2021
Global Korean Post
Eligible businesses required to close or reduce capacity due to the current public health measures put in place to blunt the spread of the Omicron variant of COVID-19 can apply for the new Ontario Business Costs Rebate Program starting January 18, 2022.
Through the new program, the government will provide eligible businesses with a rebate payment of up to 100 per cent for property tax and energy costs they incur while subject to these restrictions.
Eligible businesses required to close for indoor activities, such as restaurants and gyms, will receive a rebate payment equivalent to 100 per cent of their costs. Those required to reduce capacity to 50 per cent, such as smaller retail stores, will receive a rebate payment equivalent to 50 per cent of their costs.
Businesses will be required to submit proof of costs associated with property tax and energy bills as part of the application process. All eligible businesses must submit an application to be considered, including those that received previous COVID-19 support payments.
The government is also improving cash flows for Ontario businesses by making up to $7.5 billion available through a six-month interest- and penalty-free period for Ontario businesses to make payments for most provincially administered taxes. This penalty and interest-free period started on January 1, 2022. This supports businesses now and provides the flexibility they will need for long-term planning.
The government is also introducing a new COVID-19 Small Business Relief Grant that will give businesses subject to closure under the modified Step Two of the Roadmap to Reopen a $10,000 grant. The money will flow to eligible businesses in February.
