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BC government extends deadline and eases requirement for business recovery grant

The provincial government has announced an extension to the deadline for the Small and Medium Sized Business Recovery Grant.

Businesses can now apply up to Aug. 31.

The previous deadline was May 31.

One of the grant’s main requirements has also been modified.

Businesses previously had to show they had suffered a 70% revenue loss at some point in March or April 2020.

<who> Photo credit: File

Now, however, they need only show a 30% revenue loss in any month between March 2020 and the day they send their application.

"We continue to listen to BC businesses about what they need to navigate through the second wave of this pandemic and position themselves for a strong recovery," said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation.

"This funding has been set aside for businesses to help them rebuild, keep people employed and support BC's economic recovery. We are committed to making sure hard-hit businesses can access these critical funds."

The program, which has cost $345 million, 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.

"I sincerely appreciate the BC government's willingness to continue to adjust this program to meet the needs of businesses, particularly those in tourism and hospitality," said Walt Judas, CEO, Tourism Industry Association of BC.

"This is the type of response that will help businesses get through these difficult times."

Businesses are required to develop a business recovery plan as part of their application.

Approved professional service providers are available to help with the application process, including recovery plan support, up to $2,000 per small- or medium-sized business.

The cash is paid directly to the provider.

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