Small and Medium-Sized Business Recovery Grant Program Now Accessible to More Tourism Businesses
Several changes to the Small and Medium-Sized Business Recovery Grant Program that TIABC and its sector partners had been advocating for were implemented by the Province today. TIABC Board Chair Vivek Sharma noted that government listened to industry’s needs and responded with very positive changes.
“The additional top-up for tourism businesses is most welcome, especially now with further travel restrictions impacting most operators. Along with adjustments to several other criteria, assisting sole proprietors and seasonal businesses that are temporarily closed is also a big step forward,” said Sharma. “We appreciate the Province listening to our concerns and making the program adjustments to help our hard-hit sector. Now we need to get the funds flowing immediately to help businesses desperately trying to stay afloat.”
Adjustments to the program include a streamlined application process and simplified criteria. For example, the criteria has been expanded from a minimum revenue drop of 50% to a drop of 30%. This change will allow more businesses to be eligible. Additionally, the previous three-year operation requirement has been reduced to 18 months. This means businesses only need to have been in operation nine months before the pandemic to apply for the grant.
Businesses impacted by the pandemic will be eligible to receive a grant up to $30,000. The grant for the tourism sector has been increased, meaning those hardest-hit businesses in the tourism sector will be eligible for a grant up to $45,000.
The changes to the Small and Medium-Sized Business Recovery Grant program were made in consultation with industry associations like TIABC and business groups that represent the small and medium-sized business community.
The revised application process and eligibility criteria are now in place. Small- and medium-sized businesses are encouraged to apply online:
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