Update on the Coronavirus Business Support Fund

As discussed in our previous article, the ‘Coronavirus Business Support Fund’ grants, consisting of the Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund, are aimed to help keep small and medium-sized companies in business and keep productive capacity so that they can recover from the impact of COVID-19.

These one-off grants are administered by local authorities on behalf of the Scottish Government and can be applied for until 31 March 2021.

There have been further details released which will benefit businesses across all sectors, especially those in Retail, Hospitality, and Leisure. However, these will only be available to ratepayers whose premises were occupied on 17 March 2020 for the business uses specified.

Updated information on the Small Business Grant Fund

From 5 May 2020, ratepayers with multiple business properties meeting the criteria are eligible to receive a £10,000 one-off grant for their first property, and £7,500 for each subsequent qualifying property. The new arrangements will also enable ratepayers of properties in the Retail, Hospitality, and Leisure sectors and those previously ineligible for support to access the Small Business Grant Fund.

Ratepayers operating properties in Retail, Hospitality, and Leisure where the individual rateable value (RV) does not exceed £18,000 and the accumulative RV is between £35,001 – £51,000, will now be able to apply for the Small Business Grant Fund for each of their Retail, Hospitality or Leisure properties.

Updated information on the Retail, Hospitality and Leisure Grant Fund

From 5 May 2020, ratepayers with multiple business properties which meet the criteria are now able to receive a one-off grant of £25,000 for their first property and £18,750 for each subsequent qualifying property.

ASSC has provided a helpful guide on the updated details on the Coronavirus Business Support Fund, which you can view here.

To discuss your own circumstances or for help with the application process, please get in touch with our dedicated EQ Leisure specialists by calling one of our offices or emailing leisure@eqaccountants.co.uk.