Updated: Jan 5, 2021
Did you know that the government of British Columbia has introduced the Small and Medium-Sized Business Recovery Grant in order to provide additional support to local businesses as they push through economic recovery?
As a result of COVID-19 British Columbia businesses continue to face economic uncertainty and hardship. This new grant is geared towards the most significantly impacted B.C. businesses who have seen a drastic decrease in revenue since March 10, 2020.
Grants of $10,000 - $30,000 (and up to $40,000 for BC tourism related businesses) will be available to qualifying businesses for the purpose of implementing a recovery plan.
In addition to this, the government is offering up to $2,000 towards professional services for businesses to obtain advice from participating accountants and lawyers to help business owners develop a viable recovery plan.
In order to qualify for the Grant, a business must meet all of the eligibility criteria which includes:
· solely or primarily operate in B.C.
· be in operation at the time of the application for the Grant and has been in operation in B.C. for at least three years prior to March 10,2020
· employ between 2 and 149 B.C. residents
· experienced a revenue loss of at least 70% between March 2020 and April 2020.
A full list of the eligibility requirements is available on the British Columbia Government website:
The economic recovery program will run until March 31, 2021 and will be carried out in the following five stages:
1. Businesses will apply for funding and their eligibility will be considered;
2. If eligible, businesses will be matched with a professional service provider who will help develop a recovery plan;
3. Funding will be provided based on the approval of the recovery plan;
4. Businesses will be required to provide regular updates as the recovery plan is implemented; and
5. Businesses must agree to participate in a third-party audit once the program has come to an end.
As a provider of legal services in this program, the Kickstart Law team looks forward to helping you and your business develop a recovery plan to help get you back on the road to success.
Any questions about the program should be directed to Small Business BC.
You can find more information and contact information through the link below: