To avoid closures and layoffs and protect critical supply chains, the Ontario government launched the first phase of its $5 billion financial support plan for businesses that have been impacted by higher (section 232) tariff rates. This includes the steel, aluminum and auto sectors, with up to $1 billion in liquidity support in the form of loans to protect workers and operations.

The Protect Ontario Financing Program kickstarts the Protecting Ontario Account, which was previously announced in the 2025 provincial budget.

Ontario-based businesses in these sectors are facing tariff-related challenges, such as payroll, lease payments and utility payments, will now be able to access the support in addition to federal government support, such as loans and loan guarantees.

They must undergo rigorous assessment and due diligence to determine eligibility and ensure taxpayer funds are used responsibly. The province is launching a website to help businesses determine if they are eligible for funding.

Impacted businesses in applicable sectors are encouraged to visit the site for program details and complete an eligibility tool. Those that successfully screen through the preliminary eligibility requirements will be contacted to discuss their applications and next steps to qualify. A third-party financial agent will be procured to effectively and efficiently process applications that have passed the initial screening process.

“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.”