This Content Was Last Updated on July 7, 2020 by Jessica Garbett
A few weeks ago it was announced by Government that Local Authorities would receive funding for discretionary business support in their areas in respect of Coronavirus disruption.
As this scheme is discretionary and Local Authority managed you will need to enquire as to how your own Local Authority is administering it.
For businesses on the Isle of Wight, the IW Council has announced details of their scheme today.
Priority is given to:
- Small and Micro Businesses – broadly turnover under £10m; and with
- High fixed property costs, eg rent or mortgage costs
- Which have suffered disruption due to Coronavirus
Businesses which have received Business Rates based grants under Small Business Grant Fund or the Retail Hospitality and Leisure Grant scheme are excluded – these are the fixed £10,000 and £25,000 grants some businesses received.
Businesses who have received / will received support under Coronavirus Job Retentions Scheme (“furlough scheme”) or the Self Employment Income Support Scheme are eligible to apply.
As per Government guidelines priority is being given to:
- 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.
Local priority is also being extended to:
- Businesses based in properties with a zero rateable value, but still with ongoing property costs.
- Businesses based on self-catering holiday accommodation which pay Council Tax instead of business rates
- Businesses who are significant suppliers to the leisure and hospitality business who have suffered significant losses due to COVID-19
The Isle of Wight guidance broadly follows Government guidance, but check with your Local Authority as there may be area based differences.
We’re covering the Isle of Wight guidance as its where we are based, other Local Authorities should have their own schemes.
We’ve come across many yoga businesses who have premises costs such as rent, but were not eligible for grants as they were in shared spaces – this scheme should help those.
Alas it probably won’t help people without premises costs who have fallen through gaps in support, eg as a new business or a small limited company.