Updated - Feb 5th 2021
The BC government recently made changes to the eligibility criteria for the Business Recovery Grant program. We have provided some key highlights of the eligibility requirements and application process below. Please refer to the government website for a full list of eligibility criteria and application process: https://www2.gov.bc.ca/gov/content/economic-recovery/business-recovery-grant.
Note that the program runs until March 31, 2021 or until the funds are fully allocated. If you think you are eligible for the program we suggest starting your application as soon as possible.
Eligibility requirements – Key financial highlights
The business must have experienced revenue losses compared to the same period in 2019 of:
- At least 70% at some point during March or April 2020 and
- At least 30% at some point during May 2020 to present
Note that seasonal businesses will be required to provide information specific to their business cycle.
Application process – Key highlights
The application processes involves two steps:
- Eligibility application – This step requires a business to submit historical financial, tax and other information to prove that they meet the list of eligibility requirements.
- Recovery plan submission – Once the eligibility portion of the application has been approved, the business is required to submit a formal plan including steps and costs required to continuing operating amidst COVID-19. The plans has to be realistic and explain how the company will be able to remain operational into the future with the use of the grant funds.
- Government funding of up to $2,000 is available to help in the creation of your recovery plan. This amount would be paid directly to your registered professional service provider. Note that funding is only available after you have been approved through step 1 of the process (ie: there is no funding available if you are denied after the eligibility application is submitted).
Please contact your Cameron Izard Snell LLP advisor to discuss these grants in more detail.