Available to British Columbia businesses only, the Small and Medium Sized Business Recovery Grant offers between $10K and $30K of non-repayable funding to businesses suffering due to COVID impacts. An additional $5K to $15K is available to tourism businesses.

On December 18th, the eligibility criteria became more permissive.

The applicant business must have been operating for at least 18 months prior to the application date, and employ between 2 and 149 people.

The business must have suffered a minimum 70% revenue drop at some point in March or April 2020; and at least a 30% drop at some point since.

Given that a Certificate of Incorporation is required for the application, it appears that sole proprietorships and partnerships would not qualify.

Once the application has been verified to meet the minimum program requirements, the business is teamed up with a local professional service provider, to assist in drafting a Recovery Plan, which is required as part of the application process. The BC Government pays the costs of this support, and makes its ultimate funding decision based on the strength of the Recovery Plan. If the applicant chooses to instead use their own professional service provider, the cost is not covered.

As compared to CEBA, this program involves more upfront work to apply, but unlike CEBA, none of the funds are repayable.

This program is available until March 31, 2021, or until the funds run out: whichever comes first.

For more program info, click here.

For a look at the Recovery Plan template, click here.

By / Published On: December 26th, 2020 / Categories: COVID programs /