Business Recovery Grant Program Extended

March 5, 2021

BRITISH COLUMBIA – The BC government 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 BC 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 BC’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, 2021, to Aug. 31, 2021.

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 BC 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 BC 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.

As part of the application process, an applicant is required to develop a business recovery plan and there are approved professional service providers 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.

For more information on the Small and Medium Sized Business Recovery Grant program, including the application process and eligibility, visit: https://www2.gov.bc.ca/gov/content/economic-recovery/business-recovery-grant

 

 

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