Ontario expands loan and grant access for businesses hit by new U.S. tariffs

What happened

• The U.S. announced new trade measures: additional 50% tariffs effective Sept. 15, and import bans on some Canadian goods (alcohol, dairy products, motorcycles) effective Sept. 29.

What Ontario is doing

• Expanding eligibility for two supports that help businesses affected by those U.S. actions:
  • Protect Ontario Financing Program (POFP): $1 billion fund offering loans for costs like payroll, lease payments and utilities.
  • Ontario Together Trade Fund (OTTF): $150 million in grants or loans for small and medium-sized businesses to expand interprovincial trade and reshore supply chains away from the U.S.
• The government says eligibility will be expanded as the U.S. measures take effect so impacted firms can access capital relief.

Why it matters

• The supports aim to keep doors open and workers on the job while businesses adjust to higher tariffs and import restrictions.

Other context included in the release

• The release reiterates broader economic plans the province cites as building resilience, including mining and Ring of Fire road projects, expanded nuclear development and refurbishments, the Northern Shield Energy Corridor, and a large infrastructure program.