£2.2 billion government funding to support local businesses
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As the government are supporting employees suffering due to COVID-19, it is no surprise the government has announced a £2.2 billion grant for small businesses. The two grant schemes available are for businesses that have had to close or have been impacted significantly due to COVID-19.
Funding will be available during the 4-week national lockdown with the government releasing money to councils in England on 13 November. Local authorities will receive the equivalent to £20 per head of their local population.
The Additional Restrictions Grant, will be provided by councils on a discretionary basis and distributed to businesses severely impacted by restrictions such as large employers with substantial fixed costs as well as sole traders, tour operators or market traders who do not have a rateable value.
Minister for High Streets Kelly Tolhurst MP said: “This funding will help to protect jobs and give businesses on the high street added security at this time. The ban on commercial evictions until the end of the year provides landlords and tenants with an opportunity to reach an agreement which can help businesses to continue operating.”
Read more about the Local Restrictions Support Grants.
For information on whether other grants, such as the Self-Employment Income Support grant, are subject to tax read more here.
Businesses are advised to contact their local authority about the grants.
Accounting services
If your business is affected and you need support to help you navigate the latest announcements to ensure that you are benefitting from the government schemes and meeting key deadlines, our team of accountants and tax advisers are on hand to help guide you through.
Get in touch and chat with us about your business accounting needs.
Source: Businesses in England to receive 2.2 billion to see them through national restrictions
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