Recovery Grant
Dear Friends, Clients, and Business Owners,
We are happy to provide you with some additional information on the Small and Medium Business Recovery Grant which runs until July 2. Our lawyers are Qualified Services Providers for this program which means that we are able to help you with your application, including with the preparation of the Recovery Plan, all at no cost to you.
Small & Medium Business Recovery Grant of $10,000+
What Is It?
A grant (not a loan) of between $10K – $30K from the Provincial Government to businesses. The specific amount of the Grant is determined based on your previous annual revenues.
Please note the deadline for applications is July 2, 2021.
Am I Eligible?
- Businesses must only show a 30% revenue decrease in any single month between March 2020 and now compared to the same month in the previous year
- Your business must have been operating, primarily within British Columbia, for at least 18 months prior to the time of application
- Companies (PRECs), sole proprietorships and partnerships are all eligible.
- Your business has been registered with BC Registries on the date of your application in order to qualify. Please give us a call if you have any questions on this eligibility requirement! We are happy to walk you through this process.
Please click here to review the Documents Checklist to ensure you are eligible. If you are up to date with your taxes, you likely have all the documents you will need.
What does the application cost?
This is a FREE application. We have been approved as a Qualified Professional Service Provider to help you navigate this process, all at no cost to you. The Province pays all of our fees – they do not come out of your grant.
Next steps?
1. Determine Eligibility: Determine your eligibility based on the requirements listed here. The eligibility requirements are somewhat poorly defined but we’ve done enough of these to have some insight into what the Province actually requires. If you have any questions about your eligibility, please call or email Alex Ballantyne (information below).
2. Submit Initial Application Yourself: Assuming you meet the eligibility requirements, you will need to submit your initial application by clicking here and then clicking “Register and Apply”. You will need to complete a very basic questionnaire and then upload certain corporate and tax forms. You should have most of the necessary forms, but if you are missing any of the requisite forms your bookkeeper or accountant should have them. We can walk you through this process in more detail!
Once you have completed the first page of your application, you will be given an application number. At that point and before you finalize the process and submit documents, please click here to be ‘paired’ with us as your Service Provider. You’ll want to select “Both Steps 1 & 2”, then “I would like to work with my own service provider,” and then fill in the rest of the requested information. As a reminder, the Province pays all of our fees for this service and it will not impact how much grant money your business receives. Our information for the purposes of filing out the service provider registration questions:
Service Provider’s Company Name: Murphy & Company LLP
Service Provider’s First Name: Alex
Service Provider’s Last Name: Ballantyne
Service Provider’s Email: aballantyne@MurphyandCompany.Com
Service Provider’s Phone Number: (778) 833-3608
3. We’ll Prepare the Recovery Plan Together: The Province should confirm your eligibility within approximately four – six weeks of submitting your initial application. At this point you need to submit a Recovery Plan in order to finalize the process and receive your Grant. Although you can draft your plan yourself, the Province encourages businesses to work with a Qualified Professional Service Provider. As Qualified Professional Service Providers, we have valuable insight into what the Province is looking for and are excited to work with you! To date the Province has approved 100% of the Recovery Plans we’ve drafted. Further, the Province can require you to repay any portion of the Grant which does not go towards the items you specifically list in your Recovery Plan. It’s therefore critical that your Recovery Grant be specific enough to satisfy the Province’s requirements but not so specific as to commit you to overly-defined expenditures which may change.
I encourage you to reach out to me directly at your convenience as this is a terrific program meant to help businesses just like yours recover from an incredibly difficult year and we have significant experience helping applicants through the process. My email and direct line are below and you are all welcome to call or email me anytime.
Sincerely Yours,
Alex Ballantyne, B.A., J.D.*
Counsel | Business Lawyer
Murphy & Company LLP
Vancouver & Saskatoon
Direct: 778-945-6990
Office: 1-800-708-3884
Fax: (604) 648-9308
Email: aballantyne@murphyandcompany.com
Website: www.murphyandcompany.com