Financial support and guidance
The coronavirus crisis has brought unprecedented confusion and chaos for many businesses. Financial uncertainties will raise far more questions than answers. The Government has introduced a package of financial schemes designed to provide support to business owners, to the self-employed and to employees. Details of these schemes can be found on the Government’s website and are regularly updated as new guidance and advice is published.
The professional guidance and information below is provided by experts from the financial sector in Stockport to help business owners make informed decisions and to support our valuable business community.
Hallidays MD Paul Whitney provides Marketing stockport members with 3 key areas of support during the COVID-19 pandemic.
Latest Financial Updates and Links: Grant top-up fund: Government publishes advice for local authorities
This additional fund is aimed at small businesses who were not eligible for the Small Business Grant Fund or the Retail, Leisure and Hospitality Fund.
Local authorities may disburse grants to the value of £25,000, £10,000 or any amount under £10,000.
The value of the payment to be made to a business is at the discretion of the local authority. Grants under the Local Authority Discretionary Grants Fund are capped at £25,000. The next level payment under the Local Authority Discretionary Grants Fund is £10,000. Local authorities have discretion to make payments of any amount under £10,000.
More on the discretionary grant funds here.
NB: Stockport Council will produce a local application and eligibility criteria and this information will be publicised an circulated as soon as possibl
The Government is asking local authorities to prioritise the following types of businesses for grants from within this funding pot:
• Small businesses in shared offices or other flexible workspaces. Examples could include units in industrial parks, science parks and incubators which do not have their own business rates assessment;
• Regular market traders with fixed building costs, such as rent, who do not have their own business rates assessment;
• Bed & Breakfasts which pay Council Tax instead of business rates; and
• Charity properties in receipt of charitable business rates relief which would otherwise have been eligible for Small Business Rates Relief or Rural Rate Relief.