Thursday, 4th June 2020
Are you a small business?
Unable to claim the small business grants?
Is your business suffering due to COVID-19?
If you answered YES to all the above – then read on. Our local authorities have funds available to help a business like yours. Awarded on a first come first served basis – Apply Now to avoid missing out!
The government has given significant funding to each local authority, specifically for the use of awarding non-repayable grants to smaller business and traders that were unable to claim any of the other small business grants.
In the main the grants being awarded by the local authorities are approximately £5,000 with some offering funding up to £10,000.
The final amount of the grant will be decided by your local authority. The amount of grant awarded will be discretionary and determined by the impact or loss of income that COVID-19 has had on your business. It is anticipated that micro-businesses and those small businesses which are crucial to the local economy will benefit the most from these discretionary awards.
The grant is taxable and does not need to be repaid; and one grant is awarded per business, not per property.
Who can claim? General eligibility is for any small business that:
- is based in England, local authority specific
- has fewer than 50 employees
- has fixed building costs such as rent
- was trading on 11th March 2020
- has been adversely impacted by the coronavirus
All the above must apply to your business. The businesses that these grants are aimed at are:
- Micro and small businesses using shared office spaces or flexible workspaces, and do not have their own business rates assessments
- Regular market traders who do not have their own business rates
- Bed and Breakfasts that pay council tax instead of business rates
- Charity properties receiving charitable business rates relief and would have been eligible for SBRR or Rural RR.
However, you must not have already received one of the other grant awards, such as, but not limited to:
- Small Business Grant Fund
- Retails, Hospitality and Leisure Grant
- The Fisheries Response Fund
- Domestic Seafood Supply Scheme (DSSS)
- The Zoos Support Fund
- The Dairy Hardship Fund
If you have got this far and think that your business will still qualify for the Local Authority Discretionary Grant – then you MUST ACT NOW!
Not sure if you fit the bill then contact us and let us check your criteria. At Onyx we have a dedicated team who can talk you through the options available and help you apply for that much needed cash.
The closing date for some of the Local Authority schemes is fast approaching and with grant funding being allocated on a first come first served basis, you will not want to miss out.
How to Apply
You must apply online using the dedicated portals on your local authority websites.
We have put together this table of the Local Authorities for the Midlands region. This includes the website links that you will need, they provide more information along with details of how to make your claim.
What Do You Need To Do?
When applying for the grants you must have the following information and evidence to hand:
- Tax Reference – either self-assessment or corporation tax
- VAT registration number, if applicable
- Bank statements for 6 months, if available
- Evidence of any existing staff headcount e.g. payroll or HR print out
- Evidence of significant drop of income due to Coronavirus restriction measures
- Evidence of ongoing commercial fixed property related costs e.g. lease, service charge, licence, rental or tenancy agreements etc
- Details of your nominated bank account – payments will be made directly
Each local authority may require a variation of the above however you must have the evidence that proves your business has suffered. This is where Onyx can help you.
How Can Onyx Help?
Are your accounts and management information up to date? If not, then we can help to bring your accounting affairs up to date.
Onyx can help compile the management information needed to support your application. We have the expertise to focus on the direct information needed and, if needed, we can help you with your application.
Once the grant has been awarded, we can also help with cash flow management, helping you to allocate the funding in the most beneficial way to support your business. Prioritising the outgoings ensuring the funds are utilised advantageously.
Visit our previous articles to access other funding options.
GET IN TOUCH WITH ONYX
If you have any queries, or want to discuss further, please give us a call us or e-mail us at email@example.com for a FREE no obligation consultation.
Keep up to date with the latest announcements by visiting our dedicated page https://onyx.accountants/covid/