Hastings Council has announced the details of its latest Covid business grant scheme, with £2m available for local firms and sole traders.
The main criteria for receipt of help is that turnover must be down more than 30% in 2020-21 compared to the same period last year.
Grants can go to businesses which have not received any previous funding as well as to those who have had help already but still struggle to meet costs.
Importantly the scheme offers help to those businesses who have never been forced to close under lockdown restrictions but that have seen their trade seriously impacted. This includes such things as manufacturing businesses, nurseries, convenience stores, and garages offering car repair services.
Maximum grants for firms that pay business rates are £10,000 for those with a rateable value under £15,000, £20,000 for those between £15,000 and £50,999, and £30,000 for those of £51,000 and above. There is also a maximum £10,000 grant for businesses operating out of shared spaces where they are not the rates payer.
The actual amount paid up to these maximum figures will be calculated by adding together all of the businesses fixed property-related costs and then deducting any grants already received. These costs can include such things as rent, rates, mortgage payments, utilities, service charges, and insurance
For small businesses and sole traders, grants of £1,000 are available where they can demonstrate the 30% loss in turnover and show that they were not eligible for Self-Employment Income Support. These businesses can include such ones as B&Bs where the owner lives on site and pays Council Tax rather than rates, market traders who were forced to close, tradespeople who work in other people’s homes, performers, or artists who sell products to retail outlets.
In terms of the extension of the on-going Local Restrictions Support Grant that has been running since 5 Jan, the payments for the 44 days extension to 31 March 2021 will be made as soon as funds are received from government, which is understood to be next week.
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We would like to know if you think your business will be able to claim this grant and what difference it will make to your ability to keep trading. Please click the link below to let us know.
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