Ontario opens $1B tariff support program for eligible businesses
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Ontario is opening up a $1-billion fund aimed at giving relief to businesses affected by steel, aluminum and auto tariffs.
The Protect Ontario Financing Program is part of a $5-billion tariff-related support package the provincial government announced in its spring budget.
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Finance Minister Peter Bethlenfalvy says the loan program will help businesses make payroll, lease and utility payments and avoid closures and layoffs.
He says the government will be using a third party to process applications and intends to get the money out the door quickly.
For businesses to qualify they have to be affected by certain tariffs, have a minimum of 10 employees and a minimum of $2 million in annual revenue.
Bethlenfalvy says the Ontario fund is for businesses to use after they have exhausted federal tariff support programs and would provide loans of anywhere between $250,000 and $40 million.
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