6th May 2020
Business Support Update
Top-up to local business grant fund schemes
The Government is providing a further £617 million of support small businesses nationally, with ongoing fixed property-related costs. Priority will be given to businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief and B&B’s that pay council tax rather than business rates.
Wiltshire Council (WC) is waiting to hear how much funding has been allocated them, but the maximum grant will be £25,000. WC will be working with partner organisations such as the Chambers, Federation of Small Businesses and Salisbury Business Improvement District to identify those business groups who are most in need of this funding, so you may want to make representations to your industry bodies.
WC is waiting for guidance about how and when to apply this scheme, but businesses that were unsuccessful for the Small Business Grant scheme or Retail, Hospitality and Leisure Grant scheme, will be contacted to see if they are eligible under this new guidance.
Coronavirus Bounce Back Loan Scheme
This new scheme is now available for small businesses looking to borrow between £2,000 and £50,000 to help their business stay afloat. The government will guarantee 100% of the loan and cover the cost of any fees and interest for the first 12 months.
There will also be no repayments due during the first 12 months. Loan terms will be up to 6 years. A flat rate of 2.5% interest will be applied to the remaining period of the loan. The scheme will be delivered through a network of accredited lenders and most loans should arrive within 24 hours of approval.
More info HERE
Self-employed Income Support Scheme
HMRC have begun to contact those self-employed people who may be eligible for government support through the Self-employment Income Support Scheme, a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits), paid in a single instalment.
The claims service will open on Wednesday 13 May 2020.
Mayor of Bradford on Avon, Cllr Simon McNeill-Ritchie said:
“This is more good news for our beleaguered business community, including our accommodation providers. I hope that by drawing on support such as this, our business people will be able to manage through these difficult times and rebuild the economic life of the town as quickly as humanly possible.”