The provincial government has taken more steps to support small and medium-sized businesses across B.C.
Effective today, its Small and Medium-Sized Business Recovery Grant criteria has been edited to make it easier for businesses to qualify.
Those adjustments include a streamlined application process and simplified criteria.
For example, businesses were only allowed to apply if they had seen a revenue drop of 50 per cent, but that has now changed to 30.
Another change is for businesses that are relatively new to the industry. Previously, applications were only open for those who have been in operation for at least three years, but that has now been reduced to 18 months.
B.C’s Minister of Jobs, Economic Recovery and Innovation, Ravi Kahlon says the new changes are aimed at getting the economy back on track and supporting those who need it most.
“We want businesses to have access to the grants offered in this program. We know for many of you this will serve as a lifeline for you right now.”
“To own a business during these uncertain times bring challenges that no one could have ever imagined. I want you to know that we are doing our utmost so that small and medium-sized businesses have the support they need to get through and beyond COVID-19.”
Businesses impacted by the pandemic will be eligible to receive between $10,000 and $30,000 in a non-repayable grant and the additional amount available to tourism-related businesses has been increased up to $15,000.
This amount is available on top of the base grant, for a total of up to $45,000.
If you have already applied for the grant, the province says you don’t need to re-apply as your application will be reviewed under the new changes.
To learn more about the Small and Medium-Sized Business Recovery Grant, visit the Government of British Columbia website.