chloedai
- Sep 25, 2020

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.

Eligibility:

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.

Eligibility:

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