Tag: British Columbia

Updates to BC Small and Medium Sized Business Recovery Grant

The Government of British Columbia has announced updates to the eligibility of the Small and Medium Sized Business Recovery Grant

Grants of $10,000 to $30,000 are available to small and medium sized B.C. businesses impacted by COVID-19. An additional $5,000 to $15,000 grant is available to eligible tourism-related businesses. 

The program runs until August 31, 2021 or until the funds are fully expended, whichever comes first.

If you need assistance with applying for the grant or just have questions on eligibility give us a call at Georgeopoulos & Company and we will help.

Important Program Updates

As of March 4, 2021:

  • The program has been extended to August 31st, 2021 or until funds are fully expended, whichever comes first
  • Businesses only need to show a 30% revenue loss from March 2020 to now when compared to the same one-month period in 2019
  • Help preparing a complete application package is now available from a registered Small Business BC service provider

If you applied to the program prior to March 4th, 2021: 

  • You do not need to resubmit an application
  • Applications received prior to changes will be reviewed under updated program criteria
  • Businesses that have already been approved for funding are not affected by these changes

B.C. Small and Medium sized Business Recovery Grant

Jan 21, 2021 – The Small and Medium Sized Business Recovery Grant program provides fully funded grants to businesses to ensure they have the support they need during and beyond COVID-19.

How the program works 

Grants of $10,000 to $30,000 are available to small and medium sized B.C. businesses impacted by COVID-19. An additional $5,000 to $15,000 grant is available to eligible tourism-related businesses. 

The program runs until March 31, 2021 or until the funds are fully allocated, whichever comes first.

The first step is to apply for funding online.

If you’re eligible, you’ll be asked to develop a recovery plan. Professional service providers are available to help businesses with the recovery plan as needed. More information is available in the application.

Once your recovery plan is submitted and reviewed, approved businesses will receive grant funding for their plan.

You may be asked to give information and documentation about your recovery efforts and how the grant funding was used.

How to use your funding 

Funding can be used to implement the actions identified in your recovery plan. For example, you might propose to: 

  • Provide new services to your customers
  • Modify your physical business location
  • Install new outdoor patio with social distancing barriers 
  • Support your business moving online
  • Hire an online marketing service

Many businesses do not have an adequate or modern online presence. Use this grant to develop a website or an app. For example if you are a hair salon possibly look at developing an app for online appointment booking.

To receive the grants you will need to complete a recovery plan. Small Business BC will provide access to professional services to assist you in creating the recovery plan required to apply for the grant and will pay upto $2,000 to these service providers. So there should not be any out of pocket costs for applying for the grant. For more info click here

B.C. Doubles electric vehicle incentives

The British Columbian government is doubling its electric vehicle incentives for some businesses. The actual name for the program is the Specialty-Use Vehicle Incentive, and it applies businesses differently. Local governments, public sector and non-profit organizations can get 33 percent of the cost of an electric vehicle up to $100,000. Previously, this incentive only went up to $50,000. Hospitality and tourism industries can recoup 66 percent of an EV up to $100,000. This incentive doesn’t allow businesses to buy Teslas, but rather focuses on Battery or hydrogen-fueled buses, food delivery trucks or transport trucks. Specialty-use vehicles like motorcycles, cargo e-bikes and low-speed utility trucks also qualify. B.C. has been working to transition to EV’s more aggressively than some of the other provinces. Its goal is only to sell new consumer-level EVs starting in 2040, so adding larger incentives to businesses might help smaller businesses go green as well. For more info and to apply please goto https://pluginbc.ca/suvi/

In addition, Electric Autonomy Canada notes that B.C. is looking to invest $11 million into a Commercial Vehicle Pilot Program. This is for large-scale electrification ideas like commercial planes, trains and boats. This is a harder incentive to get, and applicants need to compete for it and submit ideas to the government for approval. These announcements are part of the government’s $10 billion COVID-19 response plan.