Local Authority Discretionary Grants to be launched next week

The Local Authority Discretionary Grants Fund will open next week for small and micro businesses with fixed property costs who are not eligible for Small Business Grants, or the Retail, Hospitality and Leisure Grant Fund.  Local Authorities are setting their own criteria, but businesses will need to demonstrate relatively high ongoing property-related costs and that […]

Change to Local Authority Discretionary Grant Scheme

Good News: updated guidance published this Saturday means that those small businesses that are claiming Self Employment Income Support Scheme (SEISS) will be eligible for Local Authority Discretionary Grants.  We are still waiting for details about how Local Authorities will distribute these grants but at least those who have claimed SEISS will not be excluded […]

COVID-19 developments this week

The Government’s Future Fund opened for applications on 20th May 2020.  This offers convertible loans of between £125,000 and £5 million to companies which can obtain match funding from the private sector. The Government has raised the maximum limit for a loan under the Coronavirus Large Business Interruption Loan scheme from £50 million to £200 million. The Coronavirus Statutory […]

Farming Recovery Fund for flood affected farms in East and North Yorkshire expected to open end of May

We expect the window for applications for the Farming Recovery Fund to open at the end of May.  This is for farms affected by flood damage from Storms Ciara and Dennis last February and only applies to specific areas including East and North Yorkshire but not Cumbria.  More information is at:  https://www.gov.uk/guidance/farming-recovery-fund-extension-2020

LOCAL AUTHORITY DISCRETIONARY GRANTS

We are still waiting for more details about how individual Local Authorities will award these discretionary grants and there is concern that those businesses that have claimed self-employment support may not qualify. If you have a diversified business but are not paying business rates, then contact your Local Authority to see whether you might qualify […]

“BOUNCE BACK” LOAN SCHEME

Bounce Back loans are from £2,000 up to a maximum of 25% of turnover, or £50,000.  These are 100% backed by the tax payer (rather than 80%) with the government paying the interest for the first 12 months and with no capital or interest repayments due for one year.  The loans are at 2.5% interest to […]