19 Oct Coronavirus Financial Assistance – 19.10.20
Since our update on the 14.10.20, further information has been announced about the Scottish Governments £40 million support fund for businesses that are impacted by increased Covid-19 restrictions.
COVID-19 Restrictions Fund
This will be available 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.
- An upper limit of £15,000 will apply to any eligible business operating multiple premises.
You can read the eligibility criteria for the Covid-19 Restriction Fund here.
Discretionary Business Hardship Fund
This will be available for business that remain open but are significantly impacted by the restrictions.
- Payments of £1,000 or £1,500 will be offered by local authorities, dependent on Rateable Value.
- An upper limit of £10,000 will apply to any eligible business operating multiple premises.
The first round of funding will be given to:
- Hospitality businesses and some gyms, required by these new regulations to close or operate in a restricted way and able to evidence a minimum 25% reduction in turnover during the brake period.
- Producers/wholesale businesses based in Scotland supplying primarily short-life goods or produce to hospitality businesses required by the regulations to close or operate in a restricted way and able to evidence a minimum 25% reduction in turnover during the brake period.
Local authority websites will be updates at 9am on Tuesday 20th October for application to be submitted. The deadline for submitting applications is 5pm on Tuesday 3rd November.
Full details on all support funds available can be found here.
As always, please do not hesitate to get in touch by emailing email@example.com if you need any assistance.