By Joel Barde, Local Journalism Initiative Reporter
The province’s recovery program for small and medium sized businesses is now open to the public.
The grant program, which offers grants of between $10,000 and $30,000, is available to businesses that employ between two and 149 B.C. residents and who have seen a significant decline in revenue since March 2020.
An additional $10,000 top up will be available for eligible tourism-related businesses.
Among other criteria, businesses must have experienced revenue loss of at least 70% during March 2020 and April 2020 and continue to earn 50% or less of pre-COVID revenue levels. The businesses must also have had a positive cash flow on their last financial statements prior to COVID-19 impacts.
The program runs until March 31, 2021, or until funds are fully allocated.
Businesses that meet the eligible criteria will be paired with a professional services provider who will help develop a recovery plan or assess the business’s current plan.
After a recovery plan is developed, submitted and approved, funding will be provided when the business implements the actions outlined in the plan.
All participating businesses must agree to a third-party audit following the program.
For more information on the application process, check out the province’s website for the new Small and Medium Business Recovery Grant Program, which breaks down the process into actionable steps.
Joel Barde / Sun Peaks Independent News