Please note: this article was correct at the time of writing and publication. However, please bear in mind that advice and guidance may change at short notice due to the nature of this unprecedented situation. We are doing our utmost to provide up to date information, as and when it happens.
For the latest, please visit www.ncass.org.uk/coronavirus
The Department for Business, Energy and Industrial Strategy (BEIS) has updated the guidance and associated FAQ on the Discretionary Fund. The main changes are as follows:
• An emphasis on the fact that businesses with a rateable value of over £51k are eligible for this fund.
• Businesses who are eligible for or in receipt of the Self-Employment Income Support Scheme (SEISS) are eligible to apply for this scheme.
• Reiterating that businesses that were not in the scope of the Small Business Grants Fund or Retail, Hospitality and Leisure Grants Fund can receive grants through this scheme.
• Businesses suppliers to the retail, hospitality and leisure sectors who have lost demand and missed out on the previous grants can apply for funding through this scheme.
• Micro-business that people operate from home can apply for funding through this scheme.
These grants are primarily and predominantly aimed at:
• Small and micro businesses, as defined in Section 33 Part 2 of the Small Business, Enterprise and Employment Act 2015 and the Companies Act 2006.
• Businesses with relatively high ongoing fixed property-related costs.
• Businesses which can demonstrate that they have suffered a significant fall in income due to the COVID-19 crisis.
• Businesses which occupy property, or part of a property, with a rateable value or annual rent or annual mortgage payments below £51,000.
The deadline for businesses to apply is Tuesday 30th June. Visit the council website in which your business is based to access an online form. For more information on the Discretionary Fund, click here.