Announced 1 May 2020: If you were outside of the scope of the Covid19 Business Grant funds scheme then the extra funding announced yesterday “could” be good news for you and your business. A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.
Up to £617 million is being made available to local authorities in England.This is on top of the £12.33 billion funding previously announced for the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grants Fund (RHLGF) – an additional 5% uplift), totalling up to £617 million in funding. Exact amounts for each local authority will be announced shortly.
Will my business be eligible for the discretionary fund?
If you are a small business with ongoing fixed property-related costs you may be eligible. The government is asking local authorities to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates.
Local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities.
Has your income been hit due to Coronavirus restrictions measures? The top up to local business grant funds scheme might be available to you
Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
Three levels of grant payments available
There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.
Further guidance for local authorities will be set out shortly. HB Accountants will bring you updates as soon as we know more.
We are here for you during this difficult time. Our business contingency plan is in place and we will do everything we can to support our clients during this uncertain period, please do not hesitate to contact us here if you have any concerns or queries.
Latest blogs from HB Accountants
- COVID19: Disincorporation – what you need to know before dissolving your limited company
- HB Accountants Web Workshop – Using MS Teams like a Pro
- COVID19: Latest lockdown timeline for retailers – can your business reopen on 1st June?
- Is Homeworking The New Normal?
- COVID19: Coronavirus Statutory Sick Pay Rebate Scheme set to launch
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above