Small businesses in England are set to benefit from a £20m boost from the government. The funding is being introduced in a bid to help smaller companies recover from the effects of Coronavirus.
The Minister for Regional Growth and Local Government has stated that SMEs will have access to grants between £1,000 – £5,000. The funding is to help them access new technology and other equipment as well as professional, legal, financial or other advice to help them get back on track.
Among the professional services recipients will be able to access through their grant is accountancy support. With many businesses struggling to get through Coronavirus, an accountant such as PKB can help in a number of ways:
- We can look at any cashflow issues and how to overcome them
- We can help manage your long-term finances to ensure you’re using the money you have wisely. This can greatly help to improve the chances of survival
- We can advise on the Coronavirus government support schemes available and in some cases, apply on your behalf
- We can calculate changes in pension contributions, wages, benefits, holidays, taxes and anything else that may have been affected by Coronavirus
- Perhaps the pandemic means you’re busier than ever and are struggling to cope. If this is the case, outsourcing your accountancy needs leaves you free to focus on other aspects of your business
The support will be fully funded by the government from the England European Regional Development Fund and there is no obligation for businesses to contribute financially. The money will be distributed through Local Enterprise Partnership (LEP) Growth Hubs, embedded in local areas across England.
LEPs are voluntary partnerships between local authorities and businesses. They were set up in 2011 by the Department for Business, Innovation and Skills to help determine local economic priorities and lead economic growth and job creation within local areas.
Activities supported through the £20 million can include:
- One-to-many events providing guidance to respond to Coronavirus
- Grants (£1,000 – £5,000) to help businesses access specialist professional advice such as HR, accountants, legal, financial, IT and digital, and to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify
We will provide further details on how to apply for these grants once the information becomes available. In the meantime, you can find out further information on the gov.uk website.
If you have questions about any of the government schemes available during Coronavirus, please don’t hesitate to get in touch with PKB and we’ll be happy to help.
To read news and blogs from Rebecca Austin, click here >>
