Coronavirus Scottish Creative, Tourism and Hospitality Enterprises Hardship Fund now Open
The portal to apply for support from the Scottish Creative, Tourism and Hospitality Enterprises Hardship Fund opened today. This fund is targeted at small Scottish creative, tourism and hospitality businesses who:-
- have experienced at least 50% loss of current or projected revenue as a result of Covid-19 and
- are ineligible for other COVID-19 Government grant support.
This is to help these businesses with their cash flow over the next three months . Businesses who have furloughed staff and are claiming grants from the Coronavirus Job Retention Scheme (CJRS) are still eligible to apply.
Grants of up to £25,000 can be accessed in addition to the funding from the CJRS. However, businesses that have accessed other support will not be eligible. For example, if the business already qualifies for the retail hospitality and leisure £25,000 funding it would not be eligible for this grant.
A business must meet all of these criteria in order to apply:-
- has up to 49 employees
- has experienced at least a 50% loss of current or projected revenue
- was not in financial difficulty before 31 December 2019
- is not in receipt of other COVID-19 government support, except the Furlough Scheme
- is not a pre-revenue company (a company that has not made any sales as yet)
- has a business bank account
It will take up to 10 working days from making the application to funds being released, once approved. Successful applicants will need to be able to provide evidence of or demonstrate financial hardship due to Covid-19.
The detailed information that you will require on hand to apply is:-
- a bank statement from your business bank account that is less than 3 months old
- Companies House registration number, if it is a registered business
- VAT registration number if you are registered for VAT
- financial information including a turnover figure from last year
- a 3 month cash flow projection (note a template will be provided).
- The number of full time equivalent employees
You will also be asked to upload a copy of the latest accounts that have been filed and also for your latest management accounts that cover the period since your last filed accounts and 1 March 2020. We can of course assist you with this and the cash flow projection.
Note that once you start the process, you will have three days to complete your application. You will therefore need to ensure that you have ALL relevant information required to complete this, including management accounts, within this timescale.
You can read the detailed guidance note for applicants on the following link:-
https://findbusinesssupport.gov.scot/coronavirus-funds-guidance-for-applicants
Applications should be made via the following link:-
https://customerexperience.weareumi.net/supportbiz/Application.aspx
Photo by iMattSmart on Unsplash
The information in this blog provides only an overview of HMRC guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed HMRC guidance and legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.
