Federal Government:

On March 3, 2021, the federal government announced that they will extend the Canada Emergency Wage Subsidy and the Canada Emergency Rent Subsidy, as well as the Lockdown Support programs, until June 5, 2021.

The extension of the current rate structures for these subsidies are as follows:

• 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.

For more information, click here for the Department of Finance news release or check out our October 19, 2020, Bulletin Article,” Federal Gov’t Announces Targeted Support for Businesses”

Provincial Government:

On March 4, 2021, the provincial government extended the deadline for the Small and Medium Sized Business Recovery Grant program.

The time to apply for the Small and Medium Sized Business Recovery Grant program has been extended from March 31, 2021, to Aug. 31, 2021.

One of the main requirements has also been lowered to ensure more businesses are eligible. The previous requirement for a business to have experienced at least a 70% revenue loss at some point in March or April 2020 has been adjusted. Now, a business is required to demonstrate only a 30% revenue loss in any one month between March 2020 to the point of application.

Visit StrongerBC for program information including what businesses need to be eligible.

For background, check out our October 19, 2020, Bulletin article, “Applications Now Open: BC Small & Medium Sized Business Recovery Grant