Impacted financially in 2020? Your business may be eligible to access up to $45,000 in government funding.

In October 2020, we were one of the first Professional Service Providers to submit an Expression of Interest when the BC Government launched the Small and Medium Sized Business Recovery Grant Program. Since then, we have assisted many businesses to develop plans to pivot during this pandemic.

[Program Update June 4, 2021]

The program runs until July 2, 2021. All businesses, including any businesses in the application process must submit all final documentation and details by July 2, 2021.

[Program Update March 4, 2021]

  • The program has been extended to August 31, 2021 or until funds are fully expended, whichever comes first

  • Businesses only need to show a 30% revenue loss from March 2020 to now when compared to the same one-month period in 2019

  • Help preparing a complete application package is now available from a registered Small Business BC service provider

If you applied to the program prior to March 4, 2021: 

  • You do not need to resubmit an application

  • Applications received prior to changes will be reviewed under updated program criteria

  • Businesses that have already been approved for funding are not affected by these changes

What is this Grant?

This grants funding up to $30,000 to small and medium sized BC businesses. If you’re a tourism business, you’re eligible for an additional grant up to $15,000. The program runs until August 31, 2021. If you’re eligible, you can work with a Service Provider like us to develop a recovery plan.

The grant can used be for a variety of recovery action. For example,

  • Provide new services to your customers

  • Modify your physical business location

  • Install new outdoor patio with social distancing barriers

  • Support your business moving online

  • Hire an online marketing service

  • Support fixed costs such as rent/lease or other overhead costs

  • Reimbursed for qualifying expenses backdated to September 17, 2020

What are the criteria?

There’s a list of criteria which we won’t cover entirely, but you’ll need to have experienced revenue losses of 30% at some point in March or April 2020 and 30% at some point between May 2020 to present.

Since program launch, the criteria have been reduced to ensure more businesses receive funding. So check again if you weren’t eligible the first time.

Updated Criteria:

  • Sole proprietorships and partnerships with no staff can now apply for the program

  • Businesses that have been in operation for the last 18 months are now eligible (reduced from 3 years)

  • Businesses that are temporarily closed or season are now eligible

  • Reduced revenue loss requirement from 50% to 30% at some point during May 20202 to present

How do I develop a recovery plan?

Don’t fret as the program developed a template for submission. The template is a step-by-step guide to evaluate the opportunities to pivot your business. Since the program launch, the template has been streamlined to reduce duplicate information requests. As Service Providers, our goal is to help document your plan onto the template for submission.

Why Work with Purpose CPA?

The original program matched you with a Service Provider based on your location, language, and industry. Since then, the program has changed to allow you to to choose your preferred Professional Service Provider.

So why work with us?

  • We’re already an approved Professional Service Provider and won’t have to be approved.

  • We’ve completed recovery plans for clients from Victoria to the North Shore. We have the technology to meet virtually without travel.

  • From the initial consultation to report-writing, we’ve customized the program to deliver the template less than 12 hours over two weeks.

  • We are experienced in manufacturing, wholesale, and retail and think beyond accounting. As experienced CFOs-for-hire, we consider factors such as technology, people, and the changing business environment.

  • As a multilingual firm, we are equipped to assist clients speaking in English, Mandarin and Cantonese.

  • Lastly, we just WANT TO HELP. We’ve personally witnessed the sweat and tears poured into small businesses and are grateful to help our community during these challenging times.

Need a hand with the Small Business Recovery Grant?

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