Money invades in a disaster
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After large parts of British Columbia suffered massive floods in November 2021, the province will make significant changes to ensure that people, communities and businesses have access to and benefit from the BC Disaster Financial Assistance Program.
Public Safety and Attorney General Mike Farnworth believe the catastrophic flood has underscored the limitations of the current disaster financial assistance program, saying the changes are more urgent than ever.
“These changes will help ensure that people, first nations and local authorities affected by severe floods do not face insurmountable costs and will improve the program so that we can react faster next time and provide more support. to those affected, “Farnworth said.
Disaster financial assistance is available to help people recover from catastrophic emergencies such as the one that occurred last November. It provides compensation for significant non-insurance losses for eligible disasters.
The changes will make more farm operators, renters and small businesses eligible for financial assistance in the event of disasters by making adjustments to the eligibility criteria.
From April 28th to July 27th, the province will reopen applications for the program to give businesses a fair opportunity to apply for aid under the new requirements.
Changes to the program include:
- Increasing the contribution of the provinces to the restoration of local infrastructure
- Preliminary cash flow to provincial communities
- Extension of eligibility based on minimum income
- Increasing the maximum annual income for small businesses
- Terms of ownership of a corporation
The Emergency Management BC has received more than 2,200 applications from individuals, small businesses, farms, charities and local authorities affected by last year’s floods.
More than $ 5.3 million has been paid to applicants so far.
The November flood cost about $ 450 million in insurance damage.
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