New Government Supports for Small Businesses
B.C.'s Economic Recovery Plan - StrongerBC
StrongerBC has four main objectives - better health care, getting people back to work, supporting B.C. businesses, and building stronger communities.
As a response to the pandemic, B.C. has introduced new supports to help small businesses. Highlights:
small business grants
15% tax credit as an incentive to hire more workers
100% PST rebate on select equipment and machinery
launch of InBC - a strategic investment fund to help scale up businesses
Small Business Grants
For most businesses, the grant ranges from $10,000-$30,000. Tourism buisnesses are eligible for a grant up to $40,000.
businesses with 2-149 employees
experienced 70% decrease in revenue at some point
continue to experience 50% decrease in revenue
B.C. Increased Employment Incentive
To encourage the creation of new jobs in B.C., the governement has implemented a new policy as an incentive for increased employment - a 15% tax credit on hiring.
all private sector B.C. employers (for-profit and non-profit)
must increase their B.C.c remuneration - create new jobs or increase pay of existing low- or medium-income employees over the last quarter (October - December) of 2020
Businesses may receive assistance from both the B.C. Increased Employment Incentive and the Canada Emergency Wage Subsidy program.
Applications open March 2021
B.C. PST Rebate
This is a temporary program to help businesses recoer from financial impacts of COVID-19.
equipment must be purchased between September 17, 2020 and September 30, 2021
list of qualifying equipment and machinery available here
Applications open April 1, 2021
B.C.'s new $500 million strategic investment fund for scaling up businesses.
This is still in development. InBC's investment strategy and criteria is expected to be published in Spring 2021.
Delayed carbon tax increase - postponed until April 1, 2021
Support for business training - e-commerce and digital marketing
BC Increased Employment Incentive: https://www2.gov.bc.ca/gov/content/taxes/employer-health-tax/employer-health-tax-overview/increased-employment-incentive
BBOT article: http://bbot.ca/bcs-economic-recovery-plan/