Ontario Minister of Colleges and Universities Ross Romano speaks during a news conference at Queen's Park, in Toronto, on June 10, 2020.Nathan Denette/The Canadian Press
Ontario will allocate more than $100-million for a fund to support colleges and universities that have taken a financial hit from the COVID-19 pandemic.
Minister of Colleges and Universities Ross Romano announced that the cash will go to schools that have lost revenue while incurring additional expenses related to remote learning and personal protective equipment.
He says schools can also use the funds to offset COVID-19 expenses related to student financial supports and human resources, adding that the sector is “in fine financial health,” but some schools have been struggling.
The $106.4-million will go to the new Postsecondary Education Support Fund, which the province says allocates money based on school size and the financial impact of the pandemic.
The Council of Ontario Universities, an advocacy group for the sector, has said the institutions are facing a shortfall of $500-million related to the pandemic.
The group said the province’s 21 universities suffered a combined loss of roughly $1-billion for the 2020-21 school year.
Savings and one-time cuts have brought that number down by about half, and the schools are now asking for sectorwide support from the province to help make up the difference, the organization said.
The council requested additional funding from the province late last month.
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