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Top Up Grants for Small Businesses on their way

6th May 2020 | Written by In Accountancy | Categories : CoronaVirus, Limited Companies, News, Small Business Advice, Sole Traders
Top Up Grants for Small Businesses on their way

Top up grants have been promised to be made available to small businesses to the tune of a further £617 million in addition to earlier Small Business Grants and Retail and Hospitality Grants.

We’re delighted that the government has recognised that a number of small businesses have ‘fallen through the cracks’ and been struggling with little or no support available to them, especially in terms of fixed overheads such as rent and rates which were in many cases payable quarterly in advance and due last month.

Here’s the latest newsletter sent to clients this morning 5 May 2020 with what we know so far on this subject…

Sorry for all the emails I’ve been sending recently – I hope you have found them useful, or at least they’ve not annoyed you cluttering up your mailbox. I do know that not everything is applicable to everyone, but don’t want to miss anyone who might find the news useful… Please do delete if not relevant!!

Just a quick one today two update you on two areas…

Top-up to local business grant funds scheme

We are aware that many of you  many of you have been adversely affected by the ongoing Coronavirus pandemic, but for a variety of reasons have fallen just outside the parameters to be eligible for some of the magnificent financial support available… well finally the small business top up grants just might offer some of the worst hit a lifeline.

Full guidance is yet to be published and will be subject to local authority discretion, but for now what we know is…

  • Only small businesses with less than 50 employees qualify
  • You must be able to demonstrate a significant drop in income due to the Covid-19 crisis
  • Priority is to be given to businesses with fixed property overheads
  • There will be three levels of support available:
    • with £25,000 being the maximum amount,
    • secondary level grants of £10,000 and
    • local councils having full discretion on smaller grants amounting to less than £10,000
  • Local authorities are being encourage to prioritise those in:
    • shared space offices,
    • small charities,
    • market traders and
    • B&Bs

More to follow when we know more….

How to claim back Statutory Sick Pay

Well, actually the news is that there’s no news as yet as to how to claim back SSP for those businesses affected. Some of you have been asking so I thought I’d just send a link to the latest on this, and the page where future updates will be published:

https://www.gov.uk/guidance/claim-back-statutory-sick-pay-paid-to-employees-due-to-coronavirus-covid-19

Best wishes as always,

Sarah x

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