Small and Medium-Sized Business Recovery Grant – Eligibility Expanded
Eligibility has been expanded — read below for the new requirements.
This program administered by the provincial government provides grants and recovery training and consulting to small and medium businesses impacted by the COVID-19 pandemic. This program is limited to those most impacted by COVID-19 and who continue to be facing at least 30% declines in revenue. Full information on the grant is available here.
How It Works:
- Eligible businesses (see below) apply for support through an online application
- Businesses are matched with a professional services provider who will provide $2,000 worth of free consulting to assess the business’ recovery plan or to help them develop one
- That plan is submitted to the government, and if approved, grant funding is provided to implement the plan
- The amount of the grant you can receive is related to your pre-COVID revenue:
Pre-COVID revenue Grant amount Less than $100,000 $10,000 $100,000 to $1,000,000 $15,000 $1,000,000 to $2,000,000 $20,000 More than $3,000,000 $30,000
- Tourism businesses can receive an additional top-up grant of $5000 (for those with 2 – 4 employees or $15,000 for those with 5-149 employees)
- There is a significant eligibility criteria. Full details are available here.
- Must have experienced revenue loss of 70% or more in March 2020 and April 2020, and continue to face a drop of revenue of 30% or more at the time of application
- Must have between 2 and 149 employees for at least 4 months of the year for whom they deduct and remit payroll taxes. For owners who work in the business but do not draw a salary, only one can count toward this requirement
- For businesses such as sole proprietorships and partnerships that do not have staff, they can apply but must explain how the grant will help their recovery
- Must be majority-owned by a BC resident, with primary operations in BC, and must have been operating in BC for at least 18 months at the time of application
- The business must be registered and based in BC — subsidiaries of organizations outside of BC are not eligible
- For the tourism top-up, businesses must be in the tourism sector and have 75% of their revenue derived from visitors to BC