On Aug. 13, the Ontario government launched the Protect Ontario Financing Program, the first phase of the $5 billion Protecting Ontario Account that was announced in the 2025 provincial Budget. The Protect Ontario Financing Program will reportedly provide Ontario-based businesses that have been impacted by higher (section 232) tariff rates, including the steel, aluminum and auto sectors, with up to $1 billion in liquidity support in the form of loans to protect workers and operations.“Our government is leaving no stone unturned in our efforts to protect workers and businesses from the economic challenges facing Ontario,” said Peter Bethlenfalvy, Minister of Finance. “The Protect Ontario Financing Program will help keep workers on the job in sectors that are being hit hard by tariffs while building a more resilient and self-reliant Ontario economy for the long term.”Ontario-based businesses in these sectors that are facing tariff-related challenges, such as payroll, lease payments and utility payments, will be able to access the Protect Ontario Financing Program in addition to federal government supports, such as loans and loan guarantees, and would undergo an assessment and due diligence to determine eligibility and ensure taxpayer funds are reportedly used responsibly. This funding is meant to help businesses avoid closures and layoffs as well as protect critical supply chains in the face of U.S. tariffs and economic uncertainty.“The tariffs levied by the U.S. government have left Ontario’s steel, aluminum, and auto sectors exposed to unprecedented challenges,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through the Protect Ontario Financing Program, our government will provide $1 billion in critical relief to protect workers and businesses at the front lines of our economy, ensuring that critical supply chains are equipped to weather the uncertainty of today, while building resilience to seize the opportunities of tomorrow.”To help Ontario-based businesses determine if they are eligible for funding under the Protect Ontario Financing Program, the province is launching a website. Impacted businesses in applicable sectors are encouraged to visit the site for program details and complete an eligibility tool to determine their potential eligibility for loan support under the program.In a statement, the Ont. government said that this approach is meant to be a “flexible and agile response to support the steel, aluminum and auto industries that are most impacted by unfair U.S. tariffs.” (ICE TORONTO)

Fonte notizia: https://www.canadianmanufacturing.com/