B.C. has made it easier for small and medium-sized businesses to qualify for the Recovery Grant program, and has increased funding for the ailing tourism sector.
The Recovery Grant program provides fully-funded grants to businesses to ensure they have the support they need during and beyond COVID-19.
This means businesses impacted by the pandemic will be eligible to receive between $10,000 and $30,000 in a non-repayable grant.
It changes the eligibility requirement of a business having to show a revenue loss of 50 per cent to a new eligibility criteria showing a 30 per cent loss of revenue at the time of application.
It also now allows for sole proprietors and businesses that are closed or seasonal in nature to apply for the grant.
Tourism-related businesses are now eligible for up to an additional $15,000 grant.
The grant is also now available to businesses that have been in operation duing the last 18 months.
The new Recovery Grant program runs until March 31, 2021 or until the funds are fully allocated, whichever comes first.
Applications received prior to the changes in the grant, will be reviewed under the updated program criteria.
Businesses eligible for grants must develop a recovery plan and may be asked to submit to an audit of their recovery efforts and spending supported by the grant.