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Mar 10, 2021

COVID-19 Update - March 10, 2021

BC Chamber Welcomes Announced Changes to the Small and Medium Sized Business Recovery Grant

Changes are celebrated as grant becomes more available to qualifying businesses across British Columbia. The BC Chamber of Commerce applauds the B.C. government’s announcement to extend the deadline for the Small and Medium Sized Business Recovery Grant and decrease the revenue loss threshold that will allow more businesses to access the grant.
  • The B.C. government has extended the deadline for the Small and Medium Sized Business Recovery Grant program from March 31, 2021 to August 31, 2021, to ensure businesses have more time to apply for this much-needed funding.
  • Previously, to access the Small and Medium Sized Business Recovery Grant, a business had to show that it experienced at least a 70 percent revenue loss at some point in March or April 2020. A business is now required to demonstrate only a 30 percent revenue loss in any one month between March 2020 to the point of application.

Federal Gov't Announces Wage & Rent Subsidy Amounts to Remain Same til June 

Last Wednesday, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced that the government intends to extend the current rate structures for these subsidies from March 14 to June 5, 2021. Specifically:
  • the maximum wage subsidy rate for active employees would remain at 75 per cent;
  • the maximum rent subsidy rate would remain at 65 per cent; and
  • Lockdown Support would remain at 25 per cent and continue to be provided in addition to the rent subsidy, providing eligible hard hit businesses with rent support of up to 90 per cent.
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