This afternoon details on B.C.’s Economic Recovery Plan were released.
The Economic Recovery Plan focuses on:
* Better health care
* Getting people back to work
* Supporting B.C. businesses
* Stronger communities
The supporting B.C. businesses initiatives include:
- A small and medium sized business recovery grant of $30,000 with an additional $10,000 for eligible tourism businesses. This is not a loan program. Eligible business include those that employ 2 to 149 workers, experienced a 50% decrease in revenue. No additional information is currently available on this program.
- 15% refundable tax credit for employers who create new jobs for workers or who increase the remuneration of their existing workers during the period October 1, 2020 to December 31, 2020. This refundable tax credit is available to employers even if they have or will receive a subsidy from the federal Canada Emergency Wage Subsidy (CEWS). Employers will be able to apply online starting in March 2021.
- A refund of PST paid on the purchase of certain machinery and equipment during the period September 17, 2020 to September 30, 2021.
- A new marketing campaign to encourage British Columbians to buy local.
- InBC investment fund to help businesses to “scale up”.