Relaunch Small and Medium-sized Business Grant, BC Ministry of Jobs, Economic Recovery and Innovation
The B.C. government is making enhancements to the Small and Medium Sized Business Grant program that will make it easier for businesses to qualify for these important grants.
· We have been listening to businesses and stakeholders and working with them to expand the eligibility challenges so that more businesses are able to access the grant program.
· We have made several adjustments including a simplified application process and streamlined criteria that will make it easier for businesses to apply and get funding that will help them get back on their feet.
· This means even more businesses that have been impacted by the pandemic will be eligible to receive between $10,000 and $30,000 in a non-repayable grant — as many businesses cannot afford to take on more debt at this time.
· We also have increased the additional amount available to tourism related businesses for up to $15,000 on top of the base grant.
· Our number one priority now is to get the money out the door to eligible businesses.
· This pandemic is something no one anticipated and something we have not lived through before. There is no formula on how to respond to the many variables it has brought our way.
· Since the outset of this pandemic our government has said we will be there for people and businesses. If a program needs to be reviewed or expanded so it better achieves the outcomes we all want, then we are ready and willing to do that work.
· One of our most valuable assets in B.C. are our businesses and the people who operate them, and we remain steadfast in our committed to helping them.
1. What eligibility criteria changed?
· No two businesses operate in the same manner and they have different ways of record keeping and reporting.
· We have made several adjustments to make the grant program more flexible to meet the operating conditions of various businesses.
· We have lowered the requirements for businesses to be in operation from three years to 18 months at the time of application. Right now, that means that businesses in operation 9 months before the pandemic can apply to the grant program.
· We have removed the onerous requirement to list a variety of remittance accounts like GST, PST and WorkSafe Registration numbers.
· Instead of requiring a revenue loss of 50% or more, the criteria has been reduced to 30% at the time of application.
· Applications can now be submitted by sole proprietors.
· Businesses that are temporarily closed or seasonal are now eligible for the program.
· For more information on eligibility criteria and to apply, visit www.BCBusinessRecoveryGrant.com