The province of British Columbia is offering grants to small and medium sized businesses that had a revenue loss of 30% or more from March 2020 to now in comparison with the same one month period in 2019.
Base grant amounts range from $10,000 to $30,000, and applications will be received up until August 31, 2021 or until there is no funding left. How much your business receives depends on your revenue prior to February 1, 2020.
To be eligible for the base grant, businesses must meet all of the following criteria:
- 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
- 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, please tell us 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
- The business had at least a 30% revenue loss from March 2020 to present when compared to the same one-month period in 2019
- The business’s ownership has not prepared the business for closure, dissolution or for sale following February 1, 2020
Eligibility criteria retrieved from the Government of BC website 05/20/2021
Businesses that have a significant portion of their goods or services purchased by visitors are considered tourism-related and can qualify for an additional $5,000 to $15,000 of funding. Tourism sector businesses include those in transportation, accommodation, food and beverage, recreation, entertainment, and travel.
Required documents and information are different depending on whether your business is incorporated or not. Please refer to this checklist for details on what you need to apply for the grant.
Once you’ve applied for the grant, and eligibility has been confirmed, a recovery plan will need to be developed. A recovery plan lists realistic actions that you can take, along with associated costs, to continue operating during COVID-19. The province has provided this template that you can use to help construct your recovery plan.
For more detailed information about the grant and its application process, please either click here to go to the government website or contact our office.