Distressed SMEs and newly self-employed given lifeline by Scottish Government
Further details of how the £100 million support package will be broken down.
As anticipated, the Scottish Government has announced a further £100 million in grants is being made available for newly self-employed, micro and SME businesses in distress, who are ineligible for other Scottish or UK Government schemes.
This lifeline support was confirmed late on Tuesday 21st April along with further details below of how it will be broken down:
£34 million Newly Self-Employed Hardship Fund, managed by Local Authorities, will be allocated to the newly self-employed facing hardship through £2,000 grants
£20 million Creative, Tourism & Hospitality Enterprises Hardship Fund, managed by the Enterprise Agencies in partnership with Creative Scotland and VisitScotland for creative, tourism and hospitality companies not in receipt of business rates relief
£45 million Pivotal Enterprise Resilience Fund, managed by the Enterprise Agencies for vulnerable SME firms who are vital to the local or national economic foundations of Scotland
As well as this, the Scottish Government is providing £1 million to top up Creative Scotland’s Bridging Bursaries in the not-for-profit sector.
The recently self-employed, who are currently excluded from the UK’s scheme, but suffering hardship, will be able to receive £2,000 grants. For creative, tourism and hospitality companies of up to 50 employees not receiving business rates relief, there will be rapid access £3,000 hardship grants or larger grants of up to £25,000 where it can be demonstrated support is needed. The support and larger grants for pivotal SME enterprises will depend on the specific need of the enterprise and will be developed by the relevant enterprise agency with wrap around business advice and support.
The grant funding is expected to be open for applications by the end of April, and recipients will receive funds in early May.
Coronavirus Business Support Finder Tool
With a number of loans, tax reliefs and cash grants now available for business, the UK Government has now created a tool to help enable you to quickly check what support you and your business may be eligible for. We would recommend all business owners do a quick check that they have applied for all loans and grants available. Follow this link to complete the questionnaire.
If you have any questions or would like to discuss the impact of Coronavirus on your business, please get in touch