Small business grant: Which small businesses can claim the £10k government grant?
Small businesses are suffering during the coronavirus lockdown, as the Government told all non-essential workplaces to close. Thousands of people will find themselves without an income for at least another two weeks, but potentially longer if the Government sees fit.
Which small businesses can claim a government grant?
The coronavirus pandemic has led the Government to introduce a swathe of measures to help people who can’t work during the lockdown.
Among the measures are several different loans, covering individuals, small and bigger businesses.
They have also introduced grant funding for other businesses.
- Rishi Sunak unveils HUGE plan to help self-employed
Smaller businesses can expect grant funding of £10,000 while they close amid the Government lockdown.
Small businesses can only claim the lump sum if they meet select criteria, however.
Claire Woolf, Managing Editor and Lawyer at Sparqa Legal, outlined to conditions to Express.co.uk.
She said: “Small Business Grant applies to small businesses who don’t pay (or pay very little) business rates because of small business rates relief.”
“If you are eligible for this scheme, you will be contacted by your local authority; you don’t need to do anything yourself.”
She added the latest information, including eligibility criteria, can be found here: https://www.businesssupport.gov.uk/small-business-grant-funding.
The grant comes alongside other relief available for businesses such as Small Business Rate Relief (SBRR) Rural Rate Relief (RRR) and tapered relief.
Businesses can also reclaim Statutory Sick Pay (SSP) for sickness absence.
Universal Credit system’s ‘fatal flaw’ exposed as claims soar – INSIGHT
Coronavirus UK wages: Will Government pay wages? – EXPLAINER
What does BofE interest rate cut mean for your mortgage? – EXPLAINER
- Car finance: Can you freeze car finance payments?
Several small firms now risk collapse due to the coronavirus lockdown despite the Government’s best efforts.
According to smallbusiness.co.uk, 39 percent of small and medium-sized businesses have already closed or face closure within the next month.
Results from research conducted by Opinium found seven percent of firms have permanently shut their doors, and a further 12 percent think they will likely follow in the next month.
They found businesses are looking for different types of support depending on their size.
Micro-businesses with less than 10 employees have found trouble with cash flow, and 40 percent said they require advice on how to proceed.
Small businesses with between 10 and 49 employees require access grants and government loans.
Medium-sized businesses with 50 to 249 employees require the most guidance for supporting their staff during the pandemic.
The UK-wide lockdown will continue for at least another two weeks, and the Government has announced it will review its policy by Easter.
Source: Read Full Article