Inca COVID-19 Update:Discretionary Grant Fund for Small Businesses – More Information
19th May 2020
Welcome to our latest COVID-19 update.
Welcome to our latest COVID-19 update. We hope that you and those you love are managing to stay safe and well.
Discretionary Grant Fund for Small Businesses – More Information
We have some further information about the recently announced discretionary grant fund for small businesses.
The fund is being introduced to support small businesses that do not qualify for other grants, including the Small Business Grants Fund and the Retail, Hospitality and Leisure Grants Fund.
Here’s what we know:
- Grants will be available for £25K, £10K or less than £10K
- Grants will be subject to tax
- Local authorities will be responsible for delivering grants to eligible businesses. They will be able to make discretionary payments to businesses based on local economic need
- Grants will be aimed primarily at small and micro businesses (as defined by the Companies Act 2006) that:
- Have relatively high ongoing fixed property-related costs
- Can demonstrate that they have suffered a significant fall in income due to the COVID-19 crisis
- Occupy property, or part of a property, with a rateable value or annual rent or annual mortgage payments below £51K
- Local authorities will prioritise small businesses in shared offices or other flexible workspaces, e.g. units in industrial parks, science parks and incubators which do not have their own business rates assessment
- Businesses that have received cash grants from any central government COVID-related scheme are ineligible for funding from the Discretionary Grants Fund
- Businesses that have applied for the Coronavirus Job Retention Scheme are eligible to apply for this scheme
Has your business been affected by coronavirus? Don’t hesitate to get in touch if you need guidance regarding any of the government’s business support initiatives. Even if you just want someone else to share your challenges with, give us a call. We know that running your own business can be a lonely place – especially now.
We hope you find this information useful. Please feel free to share it with other business owners in your contact sphere.
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