Covid Funding Support for BC Businesses
The impact of the Covid-19 pandemic is having lasts effects on businesses in BC, and the federal and provincial governments offer a range of economic recovery and financial benefits. Below is a partial list of the funding supports that your business may qualify for. For a complete list, visit https://www2.gov.bc.ca/gov/content/covid-19/economic-recovery/business-supports#loans-grants
Jobs and Growth Fund
Supports organizations in future-proofing their business, building resiliency and preparing for growth. Eligible businesses with fewer than 500 full time employees may qualify for interest-free repayable contributions for up to 50% of eligible costs.
- BC Hydro is providing residential and commercial customers the option to arrange flexible payment plans
- ICBC customers on a monthly Autoplan payment plan, who are facing financial challenges due to COVID-19, can defer their payment for up to 90 days with no penalty
Canada Emergency Wage Subside (CEWS)
A wage subsidy is available to employers that are experiencing a decline in revenue. This helps businesses keep and return workers to the payroll. The subsidy amount varies depending on the scale of revenue decline. A top-up subsidy of up to an additional 25% is available to employers most adversely affected by COVID-19.
BC Increased Employment Incentive
The B.C. Increased Employment Incentive offers a refundable tax credit for all private sector B.C. employers to encourage the creation of new jobs for B.C. workers or increased payroll for existing low or medium-income employees.The tax credit is calculated at 15% of the amount that the employer’s qualifying B.C. remuneration exceeds the employer’s base B.C. remuneration. Remuneration increases over the last quarter of 2020 (October to December) are eligible.