Small and Medium Sized Business Recovery Grant
The Small and Medium Sized Business Recovery Grant program provides fully funded grants to B.C. businesses to ensure they have the support they need throughout the COVID-19 pandemic. Grants of $10,000 to $30,000 are available to small and medium sized B.C. businesses impacted by COVID-19. An additional $5,000 to $15,000 grant is available to eligible tourism-related businesses. The program runs until March 31, 2021 or until the funds are fully allocated, whichever comes first.
To-date the applications have been low so they have eased the restrictions and tried to simplify the application process. They are interested in hearing what the gaps are and what the barriers are for small businesses. Please send your feedback to me at email@example.com and I will collate and send back to the MLAs.
Criteria for eligibility
A business must meet all eligibility criteria to receive a base grant:
- Majority share of the business is owned by one or more B.C. residents
- Business has been operating in B.C. for at least 18 months as of the date of application
- Business’s sole or primary operations are located and conducted in B.C., is registered in B.C., is current and pays taxes in B.C.
- Business is currently operating (seasonal or temporarily closed businesses are also eligible)
- Business employs up to 149 people in B.C. for at least four months of the calendar year
- Includes businesses that had employees or contracted staff prior to February 1, 2020
- Businesses such as sole proprietorships and partnerships that do not have staff must have fixed costs related to tangible assets: property, plant or equipment
- Business had positive cash flow for the last financial statement, prior to February 1, 2020
- Business experienced revenue losses compared to the same period of 2019 of:
- At least 70% at some point during March or April 2020 and
- At least 30% at some point during May 2020 to present
- Business’s ownership has not prepared the business for closure, dissolution or for sale following February 1, 2020
Funding can be used to implement the actions identified in your recovery plan. For example, you might propose to:
- 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
Actions that your business had implemented prior to the StrongerBC announcement on September 17, 2020 are not eligible for funding.
Funds can be used to support fixed costs such as rent/lease or other overhead costs.