Small Businesses have just one more day to apply for phase two of small business funding.
The Red Cross is offering up to $8,000, which all depends on the need of the business, while the RMWB still hasn’t set an amount as they are waiting to see how many businesses apply.
There are certain requirements each business must meet to be eligible for the funding.
- Have an active “resident” RMWB business license (For Red Cross and RMWB)
- Must have been operating in the RMWB on May 3, 2016 (For Red Cross and RMWB)
- Filed a tax return within the last three years reporting business income with the Canada Revenue Agency (For Red Cross and RMWB)
- Be a small business employing less than 50 employees (For Red Cross only)
- Be a small business employing between 1-49 employees (For RMWB only)
- Be located in the RMWB (For Red Cross and RMWB)
- Have intent to resume operations in the RMWB (For Red Cross and RMWB)
- Be in need of financial assistance (For Red Cross and RMWB)
There are still exceptions for the criteria. For example, if a business started up in January, they wouldn’t have filed any income tax yet. Any business with this problem can still apply.
Some might have lost their employees due to the wildfire, they can also apply.
“We understand that there are special circumstances and for some of the things, because of the wildfires, all of that needs to be taken into account within your application,” said Andrea Haley, Business Development Officer.
One big concern many have is the employee criteria, as each business must employ at least one employee to apply with the RMWB.
“This funding is really to support small business employers, so therefore you do have to have employees and it’s because we’re trying to support hiring, attracting and keeping employees,” said Haley.
All self-employed businesses can still apply for the Red Cross Funding.
The deadline to apply for both funding options is December 16. Applications can be done at www.ymmsmallbizrecovery.ca. They’ve also set up a number to call for more information and additional help at 1-855-RMWB-BIZ (769-2249).