August 13,2025
RED FM News Desk
The Ontario government has announced the launch of the “next pillar” in its plan to shield the province from tariff-related challenges, introducing a new emergency loan program for businesses in the sectors hit hardest.
At a news conference at Queen’s Park on Wednesday, Ontario Finance Minister Peter Bethlenfalvy said up to $1 billion will be available through the Protect Ontario Financing Program to support businesses in the steel, aluminum, and auto industries.
“This program is specifically aimed at businesses affected by Section 232 tariffs, once they have used all federal tariff support programs,” he told reporters.
Bethlenfalvy described the initiative as a “key part” of the province’s strategy to keep workers employed while building a “more resilient and self-reliant economy.”
Previously, the province had introduced a $9 billion tax-deferral program to help businesses affected by U.S. tariffs, along with an additional $2 billion in rebates through the Workplace Safety Insurance Board (WSIB) to maintain employment.
The new program announced Wednesday is designed to help businesses cover payroll, lease, and utility costs.
Eligibility is limited to companies affected by Section 232 tariffs, with a minimum of 10 employees and at least $2 million in annual revenue. Loan amounts will range from $250,000 to $40 million.
Alongside an ongoing 50% tariff on Canadian steel and aluminum, U.S. President Donald Trump raised tariffs to 35% on Canadian goods not covered under the Canada-U.S.-Mexico Agreement (CUSMA). A 25% tariff on non-CUSMA auto parts remains in effect.
“Our close economic ties to the U.S. bring heightened risks and uncertainty to Ontario’s economic outlook,” Bethlenfalvy said. “I am confident that Ontario will overcome these challenges.”
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