The Small and Medium-Sized Business Recovery Grant program will invest up to $300 million in targeted financial support for some of the hardest hit businesses in B.C. that employ between two and 149 B.C. residents and have experienced declines in revenue since March 10, 2020.
Grants of $10,000 to $30,000 are available. An additional $5,000 to $10,000 grant is available to eligible tourism-related businesses that have been hit especially hard by COVID-19. The program runs until March 31, 2021 or until the funds are fully allocated, whichever comes first. The program contains 5 steps:
Step 1: Businesses apply for funding and provide information to demonstrate that they meet the eligibility criteria.
Step 2: A business that meets the eligibility criteria is matched with a professional services provider who will help develop a recovery plan or assess the business’s current plan (a value up to $2,000 in professional services, in addition to the grant amount).
Step 3: Once a recovery plan is developed, submitted and approved, funding is provided to the business to implement the actions outlined in their recovery plan.
Step 4: Businesses must provide regular updates that account for the spending and status of their recovery efforts supported by the grant funding.
Step 5: All businesses must agree to participate in a third-party audit at the end of the program.
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