Ontario opens $1B tariff support program for eligible businesses

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.

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.

Allison Jones, The Canadian Press