Earlier this month we brought you the news that the government is set to introduce new funding to boost recovery for small businesses during COVID-19.
We’ve since received more information and are delighted to be able to share everything we know so far.
What is the Small Business Recovery Grant?
The £20m grant is being introduced to support SMEs who are suffering the effects of Coronavirus. Grants will be tailored to local circumstances but successful applicants will typically be able to receive payments of up to £3,000.
Please note that this grant is only available to businesses not in the tourism sector – there is a separate £10m Kickstart Tourism grant however.
Grants will be used to support activities which will include:
- help businesses access specialist professional advice such as HR, accountants, legal, financial, IT and digital
- purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify.
Full details of the implementation and allocation process are still being discussed but we will pass on further information as soon as we have it. In the meantime, please feel free to have a look at the story we published earlier this month which includes what you’ll be able to use the grant for.
How will the application process work?
We’re hoping to have more information shortly but the details we have about the application process so far include:
- It will be done online and applicants will need to complete an eligibility check. Upon successful completion, this will take you to a site where you will be able to complete an Expression of Interest and application form.
- On the application form, you will be expected to include full details of what you would spend the money grant on if successful and the benefits this will bring to your business. You will also need to show a clear breakdown of the costs involved with quotes.
- You cannot request a grant of more than £5,000. Part-funding of activities will not be considered so whatever you need the grant for, can’t cost more than £5,000.
- The money must be spent in appropriate ways by the business first and then claimed back via the grant.
If you have any questions about the Small Business Recovery Grant, please don’t hesitate to get in touch with PKB and we’ll be more than happy to help.
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