Grants of $10,000 to $30,000 are available to small and medium-sized B.C. businesses impacted by COVID-19. The program runs until August 31, 2021, or until the funds are fully allocated, whichever comes first. The grant is a two-step process that includes an application by the business, and the creation of a recovery plan.
Who is Eligible:
For a business to be eligible it must meet all eligibility criteria to receive a grant:
- The majority share of the business is owned by one or more B.C. residents
- The business has been operating in B.C. for at least 18 months as of your date of application to this grant program
- The business’s sole or primary operations are located and conducted in B.C
- The business had positive cash flow for the last financial statement, prior to February 1, 2020
- The business had at least a 30% revenue loss from March 2020 to the present when compared to the same one-month period in 2019
- The business’s ownership has not prepared the business for closure, dissolution or for sale following February 1, 2020
How much could you receive?
Grants will be issued based on annual revenue for periods preceding February 1, 2020
|Pre-COVID* annual revenue||Grant amount|
|Up to $100,000||$10,000|
|$100,001 to $1,000,000||$15,000|
|$1,000,001 to $2,000,000||$20,000|
|$2,000,001 to $3,000,000||$25,000|
|More than $3,000,000||$30,000|
How to use funding:
Funding can be used to implement the actions identified in your recovery plan.
- Provide new services to your customers
- Expand your online presence or recall system
- Purchase Sterilization equipment
- Engage an online marketing company
- Diversify your business to reach new customers or offer new services (E.g. delivery, new tour packages, new products)
- Purchase equipment to support a change or improvement to your goods or services
- Pay for rent, lease, or other fixed costs
- Other actions that support your business recovery
Note that you can get reimbursed for expenses you’ve already incurred, however, only for expenses incurred after September 17, 2020
How to Apply
You must apply with supporting documentation through the BC Recovery Grant Website. You will be asked to complete information about your business, and attest that you do meet the qualifying criteria for the grant program. You will be required to submit supporting documentation along with your application.
More specially, you will need to upload the following information:
- Central Securities Register or Schedule 50 of your T2 showing current shareholders of the company.
- Current year financial statements along with the preceding two years statements.
- A statement showing a breakdown of monthly revenues for the past 24 months.
- Corporate tax returns for the last two reporting years.
- Payroll Documents from September 1, 2019, to current, specifically
- T4 Summaries, or,
- PD7A Payroll filing documents
If you already work with TPC Financial Group, most of this information will be available from your TPC Financial Group Advisor. If you do not currently work with TPC Financial Group, we will be happy to review your documents to ensure they will be sufficient for approval. Feel free to reach out if you need help finding any of these documents.
Upon completion of your application, you will have the option to be assigned an advisor through Small Business BC, or you can choose to prepare a recovery plan with support from your own service provider.
TPC Financial Group will be able to prepare a recovery plan for all businesses that qualify for the recovery grant. Upon submission, an adjudicator will review the recovery plan and advance funding upon approval. There will be no fee for the creation of these plans, however, the professional service provider may invoice the BC Government accordingly.
If you wish to have a recovery plan prepared by a TPC Financial Group advisor, you must indicate that you wish to use your own advisor. See the image below.
As always, if you have any questions about the above program or would like assistance in preparing a recovery plan, feel free to reach out to a TPC Financial Group advisor who will be able to assist.