(Image Credit: CFJC Today / Kent Simmonds)

By Aaron Schulze

Small Business Funding

B.C.’s Jobs Critic happy business relief deadline extended, disappointed in total funding given out

Mar 24, 2021 | 9:26 AM

KAMLOOPS — B.C.’s Official Opposition Critic for Jobs, Economic Recovery, and Innovation is happy the Small and Medium Sized Business Recovery Grant program was extended to August 31.

While Kamloops-South Thompson MLA Todd Stone said he’s relieved some small and medium businesses in his riding have received funding, there’s more to be desired.

“We’re sitting here with a pot of money specifically focused on small business recovery that was approved in March 2020… and the program that small businesses can apply for this money was announced one week before the provincial election,” Stone said. “The latest numbers that we have suggest around 25 per cent of the $345 million has been pushed out the door. we’re one year into the pandemic, I would call that pathetic.”

Previously set to expire March 31, Stone said he’s urged the B.C. government to extend the application deadline.

Premier John Horgan said in February that the application deadline wouldn’t be extended, and any money remaining in the program would go back to the provincial government to serve the provincial debt.

Question of the Week

Do you think a minority government could be a positive for British Columbia?

Oct 21, 2024

Week in Review

Week in Review: Week of Oct. 14

Oct 20, 2024

One Man's Opinion

COLLINS: The mind doesn't always listen

Oct 20, 2024

Horgan didn’t say the criteria for small businesses to apply for grants between $10,000 and $30,000 (with an additional $5,000 to $15,000 available for eligible tourism-related operations) was too restrictive, but that the province hasn’t received enough applications.

Stone strongly disagreed.

“There are requirements in place that are simply lines drawn in the sand that serve only to prevent thousands of businesses from being able to apply for the very funding that they need in order to survive this pandemic,” Stone said. “The requirement for a business to have suffered a revenue loss in March and April of 2020 of no less than 70 per cent… I’ve come across all kinds of business that suffered revenue losses in those months of 60 or 58 or 49 per cent. They don’t qualify no matter how big their revenue loss was after March and April.

“The current requirements are you need to have stayed in business for a minimum of 18 months prior to the date of submitting your application for grant funding. There’s a whole bunch of businesses that started up and were in good standing 18 months ago, there was no pandemic.”

Stone added that he and neighbouring Kamloops-North Thompson MLA Peter Milobar have heard daily concerns in the city, particularly those impacted by a lack of tourism revenue. Stone said he’ll attempt to hold the NDP-led B.C. government accountable in the funding rollout in the coming weeks and months.

“We all want the same thing here, and that’s to make sure small and medium sized businesses in Kamloops and the supporting area are supported,” he said.” That they not just survive the balance of this pandemic, but they’re strongly standing on their feet and ready to tackle things after the pandemic is over.”