The BC provincial government has recently released a new grant to help small businesses. You may be eligible to receive financial aid during this pandemic from $10,000 to $30,000.
To be eligible:
- The majority share of the business is owned by one or more B.C. residents.
- The business’s sole or primary operations are located in B.C.
- The business is currently operating.
- Has been operating in B.C. for at least three years prior to March 10, 2020.
- The business is registered in B.C.
- Pays taxes in B.C.
- Employs between two and 149 people in B.C. for at least four months of the calendar year.
- Prior to COVID-19, had positive cash flow for the last financial statement.
- Experienced revenue loss of at least 70% during March 2020 and April 2020.
- Continue to earn 50% or less of pre-COVID revenue levels.
- Has and maintains a payroll account number with the Canada Revenue Agency (CRA).
- In lieu of maintaining a payroll account number with the CRA, the business may utilize a payroll service provider to make remittances on their behalf
Maintains a:
- Goods and Services Tax number with the CRA
- WorkSafeBC registration number
- Provincial Sales Tax number
- Municipal and Regional District Tax number with the Ministry of Finance (where applicable)
- Business licence and all other operating licences as required
Has accessed or applied to access federal supports for which their business is eligible including the:
- Canada Emergency Business Account (CEBA)
- Regional Relief and Recovery Fund (RRRF)
- Canada Emergency Commercial Rent Assistance (CECRA) program
Disclose all provincial or federal funding received since March 10, 2020 to support COVID-19 response, restart or recovery efforts.
- Businesses are required to provide specific details for each of the major federal programs they accessed, including:
- Date of application
- Status of application
- Amount received
- Eligible for CECRA or landlord did not apply
Owner(s) have not prepared the business for closure or dissolution following March 10, 2020. For example:
- Announced a permanent closure to their customers
- Held a closing-out sale
- Listed their business for sale
- Given notice to their employees
If your business meets these requirements, apply here at:
https://bcbusinessrecoverygrant.com/
Source:
“Small and Medium-Sized Business Recovery Grant.” Government of British Columbia. 2020.
www2.gov.bc.ca/gov/content/economic-recovery/business-recovery-grant.
