A range of grants are available for both limited companies and sole traders/self employed. If there does not appear to be a grant for you (the Discretionary Grant Fund is intended as a “top up” grant for companies falling through the cracks) then look at loans – interest free for the first 12 months and with a remit to be paid back over 6 years.
- For businesses with property of rateable value less than £51,000. Grant of £10,000 where businesses eligible for either small business or rural rate relief.
- In Scotland, can have more than one premise receive the grant. From 5 May 2020, small business rate payers will be eligible for a 100% grant on their first property plus a 75% grant on all subsequent properties. Councils will aim to make payment within 10 working days from receipt of a fully completed application
- For businesses with property of rateable value less than £51,000 – receive either £10,000 (rateable value up to £15k) or £25,000 (up to £51k)
- 80% of average monthly trading profits, paid in a single instalment (June), capped at £7,500 (April/May/June).
- Must have traded in the tax year 2019-20 and intend to continue trading in 2020-21; have trading profits of less than £50,000 a year and earn the majority of your income (ie 50% or more) through self-employment
- Unlilke JRS, recipients can continue to work, start new trade or take other employment.
- Subject to self employed NI and income tax
- Claim now (13th May) for payment in June
- Not yet stated if being extended beyond June
- If self-employed but not able to claim, you may be entitled to Employment & Support Allowance (ESA) or Universal Credit
- For businesses that have seen a substantial drop in income due to coronavirus, are fewer than 50 employees and who are not eligible for any other scheme.
- Aimed at small businesses with ongoing fixed property-related costs. Local authorities are being asked to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates. BUT Local authorities may choose to make payments to other businesses based on local economic need.
- A DISCRETIONARY FUND, delivered by local authority. (Government giving £617m to LAs).
- The maximum grant will be £25,000. There will also be grants of £10,000.
- Local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.
- Funding to research & develop a process, product or service; test innovation ideas; collaborate with other organisations.
- Between £125,000 and £5 million from the government, with private investors at least matching the government commitment.
- Loans will automatically convert into equity on the company’s next qualifying funding round, or at the end of the loan if they are not repaid.
- To be eligible, a business must be an unlisted UK registered company that has previously raised at least £250,000 in equity investment from third party investors in the last five years.
- Technology and R&D businesses to develop innovations that encourage new ways of working and ensure continued productivity across key UK industries
- government boost to build resilience in the UK economy, helping to protect against long-term impacts of the coronavirus outbreak and future incidents
- new innovations will support sectors ranging from delivery services, food manufacturing, retail and transport
- For SMEs – £90m fund. Aim is to provide grants to SMEs which are vital to Scotland’s local or national economy but have been made vulnerable by this crisis.
- While the large volume of received applications are being evaluated, the application process is currently being paused.
- Payments will still be made to businesses within 10 working days of receiving completed applications and the two hardship funds for the newly self-employed and the creative, tourism and hospitality sectors remain open for applications.
- Managed by Local Authorities, allocated to the newly self-employed who are ineligible for UK support (as they became self-employed since April 2019) but are facing hardship. £2,000 grant
CREATIVE, TOURISM & HOSPITALITY ENTERPRISES HARDSHIP FUND:
Managed by the Enterprise Agencies with support from Creative Scotland and VisitScotland for small and micro creative, tourism and hospitality companies not in receipt of business rates relief with grants of up to £25K.