BC Government Program: New Program Criteria for the Small and Medium Sized Business Recovery Grant

Details on the BC Government program:

The Small and Medium Sized Business Recovery Grant program provides fully funded grants to businesses to ensure they have the support they need during and beyond COVID-19. On March 4, new program criteria was announced.

New Program Criteria

• The program has been extended to August 31, 2021 or until funds are fully expended, whichever comes first
• Businesses only need to show a 30% revenue loss from March 2020 to now when compared to the same one-month period in 2019
• Help preparing a complete application package is now available from a registered Small Business BC service provider

If you applied to the program prior to March 4, 2021:

• You do not need to resubmit an application
• Applications received prior to changes will be reviewed under updated program criteria
• Businesses that have already been approved for funding are not affected by these changes

How the program works

Grants of $10,000 to $30,000 are available to small and medium sized B.C. businesses impacted by COVID-19. An additional $5,000 to $15,000 grant is available to eligible tourism-related businesses.

The program runs until August 31, 2021 or until the funds are fully allocated, whichever comes first.

Application process

Businesses apply for funding online.

If you’re eligible, you’ll be asked to develop a recovery plan. Professional service providers are available to help businesses with the recovery plan as needed. More information is available in the application.

Once your recovery plan is submitted and reviewed, approved businesses will receive grant funding for their plan.

You may be asked to give information and documentation about your recovery efforts and how the grant funding was used.

Tourism businesses

Tourism-related businesses can qualify to receive up to $15,000 in additional funding if you are eligible for the base grant and meet the tourism grant top-up criteria.

To receive the tourism grant top-up, you must declare that a significant part of your business’s total goods or services are purchased by visitors.

Learn more about the program and the new criteria: https://www2.gov.bc.ca/gov/content/economic-recovery/business-recovery-grant#new