This is for all our clients currently living and operating business in beautiful British Columbia! The Government of B.C. has come out with several programs for businesses and individuals to assist them through these difficult times. The below information is a very brief overview of the programs, but if you would like more information, we are more than happy to discuss these with you!
BC Recovery Benefit
This benefit has been out since December 2020, but if you have not yet applied, it isn’t too late, applications are open until June 30, 2021! If you were at least 19 years old and a resident of B.C. as of December 18, 2020, you’re halfway to being eligible. The other two requirements are that you filed a 2019 Canadian Personal Tax Return, and you have a valid social insurance number, individual tax number or temporary tax number.
- Individuals who meet the income requirements are eligible for $500
- Family’s and single parents who meet the eligibility requirements are eligible for up to $1,000
Apply at the B.C. Government website.
Provincial Wage Subsidy
Part of the provincial recovery plan is to generate jobs, which is why if you are looking to re-hire employees who were laid off or looking to expand your business, this might be the right subsidy for you! The subsidy rates range, depending on the situation.
One thing to keep in mind is if you have participated in the Canada Emergency Wage Subsidy, you will not be eligible for this provincial program.
Apply at the B.C. Government website.
Launch Online Grant Program
Small and Medium businesses are vital to our provincial economy. The Launch Online Grant program provides funding to B.C. based businesses to create an online shop or improve their e-commerce experience to assist in expanding their business and reaching more customers. The grant will pay for up to 75% of eligible expenses, up to $7,500 per business.
One of the great things about this grant is that the funds must be used to hire B.C. based companies to do the online store development. So, not only will this help your business, you’ll be giving back to other local businesses as well!
Apply at the Launch Online Grant Program website.
BC Small and Medium Business Recovery Grant
Local businesses are a vital part of the B.C. economy and it is wonderful that the B.C. Government has recognized that and has developed a grant to ensure that these businesses stay in our local communities! This grant is to assist B.C. businesses in adapting to our new normal while supporting and benefiting the local community. There are grants available between $10,000 and $30,000 with additional money available if you are a tourism related business.
The B.C. Small and Medium Sized Business Recovery Grant is for businesses who have been operating in B.C. for at least the last 18 months (as of February 1, 2020), who have no more than 149 employees are a registered B.C. Company and paying taxes in B.C. If you run a seasonal business or your business has been closed due to COVID-19, you are still eligible to apply!
The best way to get your application underway is to contact your accountant as they will be able to complete the analysis as to how much of the grant, you are eligible for as well as assisting with the completion of your Recovery Plan. The B.C. Government will pay your accountant on behalf of the business, which does not come out of your grant funding.
If you’d like to apply for this grant, please contact our Vancouver accounting team.