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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


B.C. PST Rebate

 

This is a temporary program to help businesses recoer from financial impacts of COVID-19.


Eligibility:

  • 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


InBC

 

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.


Other Supports

 

Delayed carbon tax increase - postponed until April 1, 2021

Support for business training - e-commerce and digital marketing



Resources

 



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