Businesses that have experienced a loss of at least 50 per cent of eligible revenue in 2020–2021 compared to 2019 may be eligible for grants under the new Ontario Tourism Recovery Program.
Funding from the program is based on the percentage of qualifying revenue losses and salary and wage expenditures to determine the maximum potential award amount.
Applications will be assessed on the following criteria:
Funding decisions will also take into consideration the significance of the applicant’s business to its local tourism region.
Program funding will help successful applicants prepare to reopen safely, develop innovative tourism products, retain, and create tourism jobs, and support tourism recovery in their region and throughout Ontario.
Successful recipients will have the flexibility to apply funds to any eligible expenses and do what makes the most sense for their businesses. Expenses may include reopening and operating costs (such as staff salaries and maintenance), health and safety measures for visitors and workers, tourism product and experience development, and marketing.
To be eligible, applicants must have experienced a revenue decline of at least 50 per cent in the 2020–2021 year (i.e., a period that reflects COVID-related losses) vis-a-vis their 2019 fiscal year-end (a pre-COVID, baseline year).
Businesses that have their applications accepted will be eligible for funding based on the lesser of:
Qualifying revenue is generally considered to be the total revenue as it appears on the applicant’s annual financial statements, excluding:
Businesses that received funding through the Ontario Small Business Support Grant or the Ontario Tourism and Travel Small Business Support Grant will have the amounts received from those programs subtracted from the amount of the Ontario Tourism Recovery Program they would be eligible for.
To apply, the applicant must provide its:
Meeting eligibility requirements will not guarantee that an applicant will receive funding. Applications will be evaluated and considered based on funding and assessment criteria.
Applications for the Ontario Tourism Recovery Program open October 13, 2021. Learn more about the program eligibility requirements here. If you believe your business qualifies for the program or if you have any questions surrounding other COVID-19 relief measures, we encourage you to reach out to your Crowe Soberman advisor.
This article has been prepared for the general information of our clients. Specific professional advice should be obtained prior to the implementation of any suggestion contained in this article. Please note that this publication should not be considered a substitute for personalized tax advice related to your particular situation.
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