Discretionary Grants Fund Opens Today
Newcastle-under-Lyme borough Council is today launching its Local Authority Discretionary Grants Fund.
This new fund aims to support small businesses that were not eligible for the previous Small Business Grant Fund or the Retail, Leisure and Hospitality Fund.
Cabinet member for finance and efficiency, Stephen Sweeney, said: “This is both a time-limited and a financially limited fund. We have a set amount of money and a set period for the fund to be available – just over one week.
“We want as many eligible businesses as possible to receive some funding to support them through this crisis and, to that end, have made the decision to help as many as possible, splitting the funding equally. Not all Councils are taking this approach but we feel that it makes it much fairer and much less of a ‘first-come, first-served’ basis that would only help a small number of our businesses.
“Businesses can apply at any time between 9am today and 9am on Monday 8 June. They need to apply online and will need various documents and information during the application - normal documentation that these businesses will have to hand. I am today urging all eligible businesses to get online as soon as possible and apply.”
Only businesses which were trading on 11 March 2020 are eligible for this scheme and is for businesses that are not eligible for other support schemes such as Business Support Grants.However, businesses that have applied for the Coronavirus Job Retention Scheme and the Self-Employed Income Support Scheme are eligible to apply.
The scheme is primarily aimed at:
- small and micro businesses;
- businesses with relatively high ongoing fixed property-related costs;
- businesses which can demonstrate that they have suffered a significant fall in income due to the COVID-19 crisis;
- businesses which occupy property, or part of a property, with a rateable value or annual rent or annual mortgage payments below £51,000.
The Council will also prioritise:
- small businesses in shared offices or other flexible workspaces such as units in industrial parks,
- science parks and incubators which do not have their own business rates assessment;
- regular market traders with fixed building costs, such as rent, who do not have their own business rates assessment;
- Registered Bed and Breakfasts which are wholly or mainly used as guest or boarding premises and pay Council Tax instead of business rates;
- charity properties in receipt of charitable business rates relief which would otherwise have been eligible for Small Business Rates Relief (SBR) or Rural Rate Relief.
For more information see Business Support Discretionary Grants Fund
Last updated 29 May 2020
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