BC Small & Medium-Sized Business Recovery Grant
Understand the Details | You May Still Qualify
There have been a number of changes to the BC Small and Medium-Sized Business Recovery Grant since it was originally announced, however, there still seems to be some confusion around the Eligibility Criteria. Outlined below are the most recent changes to this program and we encourage you to review them closely.
It is also important to note that while there is a requirement for the development of a recovery plan there is an allocation of $2,000 to support the preparation of that plan.
If you are a tourism stakeholder in the Thompson Okanagan Region and, after reviewing the changes to the program you are still deemed to be ineligible, we want to hear from you at recovery@totabc.com. The changes that have been made to-date have been the result of receiving stakeholder input and feedback.
These funds will only be available until March 31st, 2021 and we want to help ensure that, if at all possible, those businesses needing this financial support are able to receive it.
Updates to Business Eligibility Criteria
Sole proprietorships & partnerships with no staff are now able to apply for the program
Businesses that have been in operation for the last 18 months are now eligible (reduced from three years)
Businesses that are temporarily closed or seasonal are now eligible
Reduced the lost revenue requirement from 50% to 30% at some point during May 2020 to present – and seasonal businesses have the flexibility to show loss
Removed the requirement for grant applicants to list GST, PST, and WorkSafeBC Registration numbers
Updates to Tourism Eligibility Criteria
Increased grant amounts available to tourism-related businesses of up to $15,000 on top of the base grant
Updated definition of tourism to match Statistics Canada
“Tourism” definition expanded to make it broad and trust-based
Seasonal businesses can provide information relevant to their specific business cycle – so things like revenue losses comparisons may be different for them – and they can still apply
- The TOTA Team
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