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Posted: March 6, 2021

Business recovery grant program extended

The B.C. government announced March 4 it has extended the deadline for the Small and Medium Sized Business Recovery Grant program to ensure businesses have the time they need to apply.

One of the main requirements has also been lowered to ensure more businesses are eligible.

“We continue to listen to B.C. businesses about what they need to navigate through the second wave of this pandemic and position themselves for a strong recovery,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “This funding has been set aside for businesses to help them rebuild, keep people employed and support B.C.’s economic recovery. We are committed to making sure hard-hit businesses can access these critical funds.”

The time to apply for the Small and Medium Sized Business Recovery Grant program has been extended from March 31 to Aug. 31.

The previous requirement for a business to have experienced at least a 70% revenue loss at some point in March or April 2020 has been adjusted. Now, a business is required to demonstrate only a 30% revenue loss in any one month between March 2020 to the point of application.

“I sincerely appreciate the B.C. government’s willingness to continue to adjust this program to meet the needs of businesses, particularly those in tourism and hospitality,” said Walt Judas, CEO, Tourism Industry Association of BC. “This is the type of response that will help businesses get through these difficult times.”

The $345-million Small and Medium Sized Business Recovery Grant program provides fully funded grants to businesses that employ up to 149 B.C. residents. Grants of $10,000 to a maximum of $30,000 are available, with up to an additional $5,000 to $15,000 available to tourism-related businesses.

Interpretation services are in place in multiple languages to support business owners through the application process, including the application portal and the recovery plan.

As part of the application process, an applicant is required to develop a business recovery plan.

Approved professional service providers are available to help with the application process, including recovery plan support, up to $2,000 per small- or medium-sized business. This amount is paid directly to the provider.

BC Government photo

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