KAWARTHA LAKES-The Ontario government is expanding eligibility under the Protect Ontario Financing Program (POFP) and the Ontario Together Trade Fund (OTTF) to protect jobs in tariff-impacted sectors in response to the US government tariffs.
On September 8, the U.S. government outlined a range of measures aimed at Canadian exports to the U.S., including additional 50 per cent tariffs that are set to take effect on September 15 and import bans on certain Canadian goods including alcohol, dairy products and motorcycles set to take effect on September 29. Ontario’s expansion of eligibility will provide businesses with critical capital support so they can keep their doors open, keep workers on the job and reshore their supply chains.
“Ontario will not back down in our fight to protect our workers and businesses from tariffs and economic uncertainty,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “In the face of President Trump’s latest economic attacks, we are helping businesses keep workers on the job and building an economy that can stand up to anything that comes our way for decades to come.”
The $1 billion POFP is meant to provide relief for Ontario businesses impacted by tariffs and trade disruptions by providing loans that can be used for costs such as payroll, lease payments and utilities. The $150 million OTTF provides grants or loans to small and medium-sized Ontario businesses to help them expand interprovincial trade and reshore supply chains away from the United States.
“Our government is delivering nearly $30 billion in support for tariff-impacted workers and businesses, providing critical support so we can protect workers and communities,” said Peter Bethlenfalvy, Minister of Finance. “We’ll do whatever it takes to protect Ontario jobs as we continue delivering on our plan to build the most competitive economy in the G7.”
Eligibility for tariff-impacted businesses under both programs will be expanded as U.S. trade actions against Canadian products take effect.
