BC Chamber Welcomes Announced Changes to the Small and Medium Sized Business Recovery Grant
Changes are celebrated as grant becomes more available to qualifying businesses across British Columbia
VANCOUVER, BC, March 04, 2021 – The BC Chamber of Commerce applauds the B.C. government’s announcement to extend the deadline for the Small and Medium Sized Business Recovery Grant and decrease the revenue loss threshold that will allow more businesses to access the grant.
“We appreciate the B.C. government’s willingness to hear the feedback from businesses across the province and to take timely steps to adjust the grant program so that the financial support can be accessed more easily,” said Fiona Famulak, president and CEO of the BC Chamber of Commerce. “The announced changes will go a long way to helping businesses in every sector, and particularly those sectors hardest hit, to navigate these very challenging times.”
Famulak noted that while the B.C. government’s initial grant criteria was complex and restrictive, the provincial government’s announcement is a clear indication that it is committed to working closely with the business community to help small and medium sized businesses stay resilient on their path to recovery.
“In our recent BCMindReader.ca COVID-19 pulse check survey, we learned that nearly three-quarters of businesses are using some form of government support, with businesses continuing to look for more – and more effective access to – cash flow relief,” Famulak said. “We will remain very attentive to the challenges facing businesses in the weeks and months to come and will ensure any feedback and ideas for program enhancement are collected and shared with government,” she continued. “Continued collaboration between private and public sectors will be key to navigating successfully through this pandemic.”
The B.C. government has extended the deadline for the Small and Medium Sized Business Recovery Grant program from March 31, 2021 to August 31, 2021, to ensure businesses have more time to apply for this much-needed funding.
Previously, to access the Small and Medium Sized Business Recovery Grant, a business had to show that it experienced at least a 70 percent revenue loss at some point in March or April 2020. A business is now required to demonstrate only a 30 percent revenue loss in any one month between March 2020 to the point of application.