Small and medium-sized businesses fuel British Columbia’s economy. Providing them with the support they need during and after the COVID-19 pandemic is crucial to the province’s economic future. The BC Small and Medium-Sized Business Recovery Grant program does just that by investing up to $300 million in financial support to BC businesses that employ between 2 and 149 BC residents and have experienced a decline in revenue since March 10, 2020.
How does the grant program work?
For small and medium-sized BC businesses impacted by the COVID-19 pandemic, grants of $10,000 to $30,000 are available. Eligible tourism-related businesses can receive an additional $5000 to $15,000 in grant funding.
The program will run until March 31, 2021, or until the funds have been fully allocated.
What are the eligibility requirements?
To determine if your business is eligible for the base grant, you must meet all of the eligibility criteria, which can be found here.
Please note: Not-for-profit organizations are not eligible for the grant program.
Tourism-related businesses can receive up to an additional $15,000 in grants if they meet all the base grant eligibility requirements and the tourism grant top-up eligibility criteria.
What funding is available?
The BC Small and Medium-Sized Business Recovery grants are fully funded. However, the base grant and tourism top-up grant are subject to specific eligibility criteria.
A business may need to pay the funding back if:
The base grant amount is calculated based on annual revenue. For a breakdown of the grant amounts for the base grant and tourism grant top-up, please click here.
For information regarding how the funding can be used and completing a recovery plan for your business, please click here.
What is needed to apply?
To apply for the BC Small and Medium-Sized Business Recovery grant program, businesses will need to complete an online application as well as upload their financial documents.
Documents required can be found here.
Where do I register and apply?
To register and apply for the BC Small and Medium-Sized Business Recovery Grant program, please click here.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
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