Important changes to BC Small and Medium Sized Business Recovery Grant program to businesses that employ up to 149 BC residents
March 9, 2021
The requirements and deadline to apply for the Small and Medium Sized Business Recovery Grant program have changed. The deadline has been extended from March 31, 2021 to August 31, 2021 (or earlier if the available funding runs out).
The 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. 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. There are also changes to requirements in regard to who prepares the “business recovery plan” required by the program.
