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1 Billion Pounds Business Support Fund Opens

Post in Business by Sheila Mitchell
Businesses can now apply for grants to help them deal with the impact of the coronavirus (Covid-19) outbreak. Please read on for further information...

The one-off grants are designed to help protect jobs, prevent business closures and promote economic recovery, and more than 90,000 ratepayers across Scotland will be able to benefit.

The grant support is additional to separate tax relief measures and is part of a package of measures worth £2.2 billion.

Small businesses in receipt of the small business bonus scheme or rural relief, as well as hospitality, leisure and retail business can benefit.

Two types of grant are now available to ratepayers:

• a one-off £10,000 grant to ratepayers of small businesses

• a one-off grant of £25,000 available to retail, hospitality and leisure business ratepayers with a rateable value between £18,001 and £50,999

The list is not exhaustive and if businesses think they may be eligible for one of these grants, they should contact their local authority, which are administering the scheme on behalf of the Scottish Government.

Cabinet Secretary for Finance Kate Forbes said:

“While our primary concern is for people’s health, it is clear that the Coronavirus (Covid-19) outbreak will have severe economic consequences, and we are treating it as an economic emergency.

“We are determined to help keep companies in business and support them and their staff during this difficult time.

“Local authorities are the most efficient way to deliver this and we have worked closely with them to deliver these measures – and eligible businesses can apply now.

“Local authorities will aim to make payments within 10 working days, and I’d like to thank them for their help in ensuring this support is delivered as quickly as possible.

“The Covid-19 situation, however, is both severe and fast-moving and requires a coordinated UK response: I will continue to work closely with the UK Government and the other devolved administrations.”

Background

More information on how to apply can be found at:
https://www.mygov.scot/non-domestic-rates-coronavirus/

The one-off £10,000 grant is available to ratepayers of small businesses in receipt of the Small Business Bonus Scheme (SBBS) or Rural Relief, or eligible for SBBS in receipt of Nursery Relief or Disabled Relief, and with rateable value up to £18,000.

The Scottish Government has taken the decision to exclude non-domestic property classifications which are not small businesses in the traditional sense. Examples include Advertising, ATM Sites, Car Parks, Public Toilets.

The Cabinet Secretary for Economy, Fair Work and Culture announced the grants during a statement to Parliament on 18 March.

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