Today, the BC Government outlined needed changes to the Small and Medium Sized Business Recovery Grant.
“Businesses continue to face significant challenges by the pandemic and today’s changes to the business recovery grant program is a step in the right direction,” said Anita Huberman, CEO, Surrey Board of Trade. “The BC Government needs to continue to act for those industries that require more support as the pandemic continues.”
The enhancements outlined today by Minister Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation include:
– Instead of requiring a revenue loss of 50% or more, the criteria has been reduced to 30% at the time of application
– The time that a business is required to be in operation is reduced to 18 months
– Removed requirement for businesses to have GST, PST, and WorkSafe Registration numbers
– Businesses that are seasonal or are temporarily closed will now be eligible
– There is now $10,000-$30,000 in non-repayable grant funding available
– Tourism supports have increased to $45,000
Businesses that are interested in applying can do so at bcbusinessrecoverygrant.com. The updated requirements are now live. Those that applied do not need to re-submit their application. Their application will be reviewed under the new guidelines.
MORE INFORMATION: https://news.gov.bc.ca/releases/2020JERI0044-002118