B.C. Recovery Grant for Small Business

Author: Proactive Accountants Inc. | | Categories: Accounting , Business Consultation , Corporate Tax Returns , Financial Statements , Personal Tax , PST Returns , T-3 Trust Returns , Tax Accountants

Blog by Proactive Accountants Inc.

The B.C. Government has released more details on its Recovery Grant program for small business. One time grants of $10,000 to $ 30,000 are available for approved applicants up to march 31, 2021.

The program works like this:

  1. The company determines if is eligible.

  2. The company applies on line for eligibility.

  3. If accepted the company will be asked to submit a recovery plan. The government will provide the company with a “Professional Service Provider” at no cost to assist with the formulation of the plan.

  4. The plan is submitted with corporate banking information.

  5. When the plan is approved the money is deposited in the company account.

On the surface sounds easy enough but here are some details that may trip some companies up.

The criteria for eligibility are:

Company owned and operated in B.C.

Company registered in BC

Current in all of its business taxes.

1 to 149 employees

Positive cash flow prior to February 1, 2020

Revenue loss of 70% March or April 2020 compared to previous year and 30% May 2020 to previous year.

Business did not shut down and has no plans to shut down.

Proactive Accountants Inc. have been named as a “Professional Services Provider”. So if you think you might be eligible give us a call.