BC Announces Financial Support for Businesses and Workers Affected by COVID-19

The BC government has announced its COVID-19 Action Plan, which includes financial measures to assist affected BC workers and businesses.  Amongst other measures, the Action Plan includes:

  • A one-time, tax-free B.C. Emergency Benefit of $1,000 will be available for workers whose ability work has been affected by the COVID-19 outbreak. This payment will be available to individuals who are eligible for federal Employment Insurance as a result of the impact of COVID-19, including the new federal Emergency Care Benefit and the Emergency Support Benefit. This means workers that are typically not EI-eligible, such as self-employed workers, will be able to access the B.C. Emergency Benefit, which is expected to become available by May 2020.
  • The Province will also provide a “top-up” to the B.C. Climate Action Tax Credit in July 2020. This payment will go to 86% of individuals and families, in amounts of up to $218 for adults and $64 per child.
  • $2.2 billion dedicated to provide relief to businesses in BC and help them recover following the COVID-19 pandemic.  Details as to the exact allocation of that money are presently not clear.

Targeted tax relief will be offered as well, including deferrals of tax filing and payment deadlines.

More details about B.C.’s COVID-19 Action Plan can be found here.

We will continue to update our clients with information as soon as it becomes available. If you have any questions about this topic, other COVID-19 related questions, or would like assistance with developing and/or reviewing pandemic plans, please do not hesitate to a Mathews Dinsdale lawyer, or refer to the Firm’s COVID-19 website resources.

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