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The recovery grant program for small and medium businesses in BC is being expanded to hopefully help even more business owners who are struggling during the pandemic.
BC expands business recovery grant program
Published 10:56 PST, Mon December 21, 2020
Last Updated: 10:57 PST, Mon December 21, 2020
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BC’s small and medium-sized business recovery grant program is being expanded, aiming to make it easier for businesses to qualify and to increase support for those in the hard-hit tourism sector.
"We know that small businesses are struggling as they contend with the challenges of operating during a global health pandemic," said Ravi Kahlon, minister of jobs, economic recovery and innovation.
Adjustments made to the program include a streamlined application process and simplified criteria. For example, the criteria has been expanded from a minimum revenue drop of 50 per cent to a drop of 30 per cent. This change will allow more businesses to be eligible. Additionally, the previous three-year operation requirement has been reduced to 18 months. This means businesses only need to have been in operation nine months before the pandemic to apply for the grant.
Businesses impacted by the pandemic will be eligible to receive a grant up to $30,000. The grant for the tourism sector has been increased, meaning those hardest-hit businesses in the tourism sector will be eligible for a grant up to $45,000.
The changes to the business recovery grant program were made in consultation with industry associations and business groups that represent the small and medium-sized business community.
"BC restaurants need the support of government to get through the significant impacts of COVID-19 on our industry," said Ian Tostenson, president and CEO of the BC Restaurant and Foodservices Association. "Helping business owners pivot and get through this tough time is essential. We are grateful for the revisions to the grant program and the support it offers to businesses facing financial pressures."
The revised application process and eligibility criteria are now in place. Small- and medium-sized businesses are encouraged to apply online.
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