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Ontario fiscal watchdog releasing COVID-19 pandemic insolvency report today

TORONTO — Ontario’s fiscal watchdog will release a report today on the impact of the pandemic on insolvencies across the province.

The Financial Accountability Office says it conducted the study at the request of an Ontario legislative committee.

The Ontario government has introduced a series of measures to help small businesses survive several rounds of lockdowns caused by the COVID-19 pandemic.

In its 2021 budget, the government offered a second round of grants ranging between $10,000 and $20,000 to small businesses hit hard by the pandemic.

The province says it has set aside $1.7 billion for the program.

The Canadian Federation of Independent Business has said the pandemic has caused the closure of thousands of businesses and advocated for further changes to keep retailers afloat.

This report by The Canadian Press was first published April 28, 2021.

The Canadian Press