To further support struggling businesses that have suffered as a result of the coronavirus pandemic, the government has launched a Discretionary Grants Fund Scheme as an extension of the initial COVID-19 business support grant scheme. The new scheme, funding for which has been made available to local authorities, will pay grants to small businesses that were not eligible for grants from the Small Business Grant Fund or the Retail, Leisure and Hospitality Grant Fund.
Broxbourne Borough Council has received a limited discretionary grant fund of £819,500 and will be using this to help as many local, small businesses, which meet the qualifying criteria, as possible. The maximum grant that will be paid from the fund to qualifying businesses is £10,000.
Applications received will be considered on their merits, and the one-off grant payments will not be given to any businesses that do not meet the qualifying criteria.
Qualifying businesses include:
- 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 on-going fixed property-related costs
- businesses that can demonstrate they have suffered a significant fall in income due to the COVID-19 crisis
- businesses that occupy a property or part of a property with a rateable value, annual rent, or annual mortgage payments, below £51,000.
Businesses that have applied for the Coronavirus Job Retention (furlough) Scheme or the Self-Employed Income Support scheme (SEISS) are still eligible to apply for the discretionary grant.
As grants will be paid per business and not per number of premises occupied, a single business will receive one grant regardless of the number of locations or sites it occupies.
Application forms can be completed online. The deadline to apply is midnight on Friday 26 June.
Successful applicants will receive payment of the grant into their business account within four working days of receiving approval notification stating the amount awarded.
For more information about the Discretionary Grants Fund scheme visit www.broxbourne.gov.uk/dgfs