15 Oct Coronavirus Financial Assistance – 15.10.20
Following the announcement of further restrictions throughout Scotland, the Scottish Government has released information about the £40 million support fund for businesses that are impacted.
Further information about criteria and application portals are still to be announced. Here is what we know so far:
- A COVID-19 Restrictions Fund will be introduced for hospitality and other businesses which are required to close by these new restrictions. The fund will operate as a two-tiered scheme:
- a smaller grant of £2,000 will be available for businesses with a Rateable Value (RV) of under £51,000
- a larger grant of £3,000 will be available for those businesses with a RV over £51,000.
- Local Authorities will invite applications for a discretionary business hardship fund, which will provide payments of up to £1500, to support some businesses that remain open but are directly impacted by the restrictions. This includes those in the direct supply chains of firms that must close as a result of these new restrictions. Criteria for this fund is still to be released, we will update you as soon as we know more.
The eligibility criteria for the COVID-19 Restrictions Fund is:
- You must be a hospitality or other relevant business required by law to close under the brake restrictions.
- You must have a business bank account.
- Your business premises must be registered for Non-Domestic rates. Businesses that pay rates through their landlords rather than directly to a Council are eligible to apply.
- Businesses which have breached wider COVID regulations/requirements prior to local restrictions are not eligible to apply.
- Businesses with certain connections to tax havens, as set out in the Coronavirus (Scotland) (No.2) Act 2020, are not eligible to apply.
- Applications are welcome from Limited Companies, Sole Traders, Trusts and Partnerships provided they meet the other points of criteria.
The Scottish Government has advised that applications will go live in all local authority areas “as soon as is feasible”. We will keep you posted when they are available.
The national Job Support Scheme (JSS) has also been expanded to provide temporary support to businesses whose premises have been legally required to close as a direct result of Coronavirus restrictions. The government will support eligible businesses by paying two thirds of each employees’ salary (or 67%), up to a maximum of £2,100 a month, where the employee has not been able to work for 7 consecutive days. Further details on the expanded JSS can be found on this factsheet.
The deadline for the Self-Employed Income Support Scheme second grant is the 19th October. It is worth 70% of your average monthly trading profits and capped at £6,570 in total. Click here for more information and to apply for this grant.
As always, please do not hesitate to get in touch by emailing email@example.com if you need any assistance.