Finance and Grant Funding
Restart Grants - Information from Somerset West & Taunton
You may be aware that the Chancellor of the Exchequer announced a Restart Grant scheme in his Budget statement.
This step is not required for businesses that have received a business support grant from the Council since November 2020.
Additional Restrictions Grant (ARG) - Information from Somerset West & Taunton
Businesses which are not eligible for a ‘Restart Grant’ may still be eligible for support under the Additional Restrictions Grant. However in April 2021 the policy will be reassessed to align with the easing of restrictions which are expected over April and May 2021. We expect the new scheme policy to be in place by mid-April, at which time we will publicise the scheme. If you have previously completed a Register of Interest form and received a payment from us under the ARG there is no need to reapply we will be in contact if your business is eligible under the new policy.
For businesses that have not received support from the Council since November 2020 it will be necessary to firstly complete a Register of Interest form via our website.
Help to Grow: Management
Take your business to the next level with the government’s new Help to Grow programme. The programme will help small and medium sized businesses across the UK learn new skills, reach new customers and boost profits.
– Charities are not eligible.
Pay As You Grow
New Pay As You Grow facility will enable more flexible repayments on Bounce Back Loans for UK smaller businesses. The British Business Bank, the UK’s economic development bank, has announced further details of Pay As You Grow, which helps UK smaller businesses that have taken out a Covid-19 emergency Bounce Back Loan to manage their cashflow and have a better chance of getting back to growth.
FCA Business Interruption Policy Checker and FAQ
Following the Supreme Court test case on a range of business Interruption insurance policies, the FCA has produced a Policy Checker which takes businesses through a process whereby they can check to see whether their insurance policy covers business interruption losses due to coronavirus. It should be noted that each claim will still need to be individually considered to determine whether the policy provides cover for the effects of coronavirus. Policyholders will need to check:
– What they can claim for.
Support Finder Tool
The Government has launched a support finder tool which can be useful for businesses directing employees to individual support which may be available from government on paying rent, mortgage, financial support, self-isolating, mental health and wellbeing or more general concerns about Covid.
Temporary reduced rate of VAT for hospitality, holiday accommodation and attractions
5% Reduced Rate: In response to the economic difficulties caused by the coronavirus (COVID-19) pandemic, HMRC has announced a reduction in the rate of VAT to 5%, affecting hospitality, holiday accommodation and attractions. The reduced rate covers the period from 15 July 2020 to 12 January 2021.