TORONTO — The Ontario government is providing $106.4 million to help publicly assisted colleges and universities address the financial impacts of COVID-19. This investment will support the sustainability of the postsecondary sector and ensure students continue to get the skills and education they need for the in-demand jobs of today and tomorrow.
“The postsecondary sector is critical to Ontario’s prosperity as a key source of job creation, skills training, research, innovation and commercialization, making it one of the leading contributors to Ontario’s economic recovery,” said Ross Romano, Minister of Colleges and Universities. “We need to make sure that students continue to receive high-quality postsecondary education and get the skills they need to get good jobs. That is why we are establishing a fund for severely impacted colleges and universities to help address the financial impacts of COVID-19 and to maintain Ontario’s position as a global leader in higher education.”
The funding will provide immediate and targeted support for postsecondary institutions that are most affected by decreases in tuition and ancillary revenues and have incurred expenses associated with online learning, personal protective equipment and enhanced cleaning. Institutions can also use the funding in 2020-21 to offset COVID-19 expenses related to student financial supports and human resources.
“The postsecondary sector continues to be vibrant and in sound financial health,” said Minister Romano. “However, COVID-19 has impacted some institutions more severely than others. That’s why we are providing targeted support to the institutions most impacted.”