Small and medium sized businesses play a vital role in our economy. The British Columbia Government understands the impact COVID-19 has had on businesses. As a result, the government has developed a program called the Small and Medium Sized Business Recovery Grant to offer financial support to BC businesses.
The program was recently enhanced to offer eligible businesses the ability to receive grants of up to $30,000 and an additional $15,000 for tourism related businesses. Hard-hit tourism sectors can receive up to $45,000.
Alert: New program criteria!
As of March 4, 2021:
- The program has been extended to August 31, 2021 or until funds are fully expended, whichever comes first
- Businesses only need to show a 30% revenue loss from March 2020 to now when compared to the same one-month period in 2019
- Help preparing a complete application package is now available from a registered Small Business BC service provider such as Jiwa Law Corporation
To apply, a business will need to first find out if it is eligible (see eligibility below). If so, it will then need to develop a recovery plan.
- The majority share of the business is owned by one or more B.C. residents
- The business has been operating in B.C. for at least 18 months as of your date of application to this grant program
- The business’s sole or primary operations are located and conducted in B.C.
- The business is registered in B.C.
- The business is current and pays taxes in B.C.
- The business is currently operating (Businesses that are seasonal or temporarily closed are also eligible)
- The business employs up to 149 people in B.C. for at least four months of the calendar year
- This includes businesses that had employees or contracted staff prior to February 1, 2020
- For businesses that do not have staff, include in your application how the grant funding will support your recovery and benefit your community
- The business had positive cash flow for the last financial statement, prior to February 1, 2020
- New Reduced Criteria! The business experienced 30% revenue losses compared to the same period in 2019 in any one month between March 2020 to the point of application (instead of the previous 70% revenue loss at some point in March or April 2020).
- The business’s ownership has not prepared the business for closure, dissolution or for sale following February 1, 2020
If you applied to the program prior to March 4, 2021:
- You do not need to resubmit an application
- Applications received prior to changes will be reviewed under new program criteria and grant amounts
- Businesses that have already been approved for funding are not affected by criteria changes but are eligible for updated grant amounts if applicable
Implementing Your Recovery Plan
Funding can be used to implement your recovery plan. Examples given by the BC Government of how the funds could be potentially used include:
- Provide new services to your customers
- Modify your physical business location
- Install new outdoor patio with social distancing barriers
- Support your business moving online
- Hire an online marketing service
Funds can be also be used to support fixed costs such as rent/lease or other overhead costs.
Small and Medium Sized Business Recovery Grant Form
Let Us Assist You
Small Business BC is a supporting partner and has developed a roster of service professionals that are matched with eligible businesses to ensure the recovery plans are completed in a timely manner. The professionals receive funding up to $2,000 from Small Business BC to develop a plan for the business.
Businesses can also choose their own service professional, who will receive up to $2,000, but the professional will need to be vetted by Small Business BC.
Jiwa Law Corporation is authorized as a Professional Service Provider for British Columbia’s Small and Medium Sized Business Recovery Grant.
The program has been extended to August 31, 2021.
Contact us today to learn more about this program and how we can assist you with the process.