Yesterday the Minister for Regional Growth and Local Government announced that there would be £20 million in new funding to help businesses across England get back on track due to COVID-19.
Small to medium-sized business in England can receive the Small Business Grant Fund (SBGF) of between £1000-£5000 to be spent on professional services fees to help get business back on track.
What can I use the Small Business Grant Fund for?
The Small Business Grant Fund (SBGF) can be used to buy IT equipment to help your company adapt – or to adopt the new technology your business needs to carry on trading during the pandemic.
You’ll also be able to use the Grant to contribute towards:
- Financial services
- Human resources
- Legal fees
Businesses will not have to pay anything towards this as it will be fully funded by the government (although it will be taxable). The SBGF will be paid to whoever was registered as the ratepayer for your business premises as of the 11th March 2020.
Which businesses are eligible for the Small Business Grant Fund?
Your business is eligible for the SBGF if it:
- Is based in England
- Occupies property (i.e. you have business premises)
- Was eligible for small business rate relief (including tapered relief) or rural rate relief on the 11th March 2020.
How can I claim the Small Business Grant Fund?
You don’t need to do anything to claim this grant: eligible businesses will be contacted by their local council with all of the details you need to apply.
The grants are being administered by the governments 38 regional growth hubs. You can find the list of local growth hubs where you can apply for the new grant here.
For more information, visit the government page.
If you’d like to discuss what this means for your business, don’t hesitate to get in touch.