The Ford government projected a deficit of $20.5 billion for 2020-21.
Governments can find themselves at a new baseline spending level far in excess of revenues.
The subsidy will be available for businesses that can show a 30 per cent decline in revenue.
Financial markets are responding to an induced recession.
Ontario's net debt is set to hit $354 billion this year.
The deficit is now pegged at $26.6 billion for 2019/20—$6.8 billion more than originally planned in last spring's budget.
If the conditions of the 2008-09 recession were repeated, the annual deficit would skyrocket to $120.5 billion.
Ontario spends about nine per cent of all revenue on government debt-service payments.