Wednesday, 15 April, 2020
The Scottish Government has confirmed a second phase of funding to help businesses mitigate the effects of coronavirus.
Around £220 million worth of further grant funding is being made available for businesses - including the recently self-employed - to help them deal with the ongoing impact of the coronavirus (COVID-19) outbreak in Scotland.
The new package of measures includes £120 million to extend the Small Business Grant scheme to ensure that, in addition to a 100% grant on the first property, small business rate payers will be eligible to a 75% grant on all subsequent properties.
A further £100 million fund is also being made available to protect self-employed people and viable micro and SME businesses in distress due to COVID-19. This fund will be channelled through local authorities and enterprise agencies to target newly self-employed people and businesses that are ineligible for other Scottish Government or UK Government schemes.
Finance Secretary Kate Forbes said:
'We are doing everything we can to support business at this difficult time and we continue to listen to and engage with the sector.
'Our support for business now exceeds the £2.2 billion passed on from the UK Government and actively works to fill the gaps in the UK schemes.
'Around 100,000 businesses in total are already eligible for our small business grants and … we will be extending that scheme in response to feedback from businesses on the frontline of this economic crisis.'
Applications for the £100 million fund will be open by the end of the month, and the new arrangements for the Small Business Grant will be in place to receive applications on 5 May 2020.
More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.