Additional Support for the Newly Self-Employed and Some SMEs in Distress
Post Author:
Rona Burns
Date Posted:
April 22, 2020
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The Scottish Government announced yesterday that the additional £100 million grant funding, announced last week for the newly self-employed and SMEs in distress, will be available shortly.
- £34 million Newly Self-Employed Hardship Fund
This will be allocated to the newly self-employed, who are not eligible for the Self-Employed Income Support Scheme and are facing hardship
The grant will be £2,000 per person
The fund will be managed via Local Authorities
- £20 million Creative, Tourism & Hospitality Enterprises Hardship Fund
The fund will provide “rapid access” hardship grants of £3,000 for small creative, tourism and hospitality companies (up to 50 employees) who are not getting business rates relief.
There will also be larger grants of up to £25,000 available where it can be demonstrated that support is required for the business.
This fund will be managed by the Enterprise Agencies in partnership with Creative Scotland
- £45 million Pivotal Enterprise Resilience Fund
The fund will provide support for vulnerable SME businesses who are vital to the local or national economic foundations of Scotland
The grants available will depend on the specific need of the business and be developed by the relevant enterprise agency with wraparound advice and support
This fund will be managed by the Enterprise Agencies
The Scottish Government is also providing £1 million to top up Creative Scotland’s Bridging Bursaries in the not-for-profit sector.
Applications will open for the new funding by the end of the month and recipients will receive funds in early May
https://jsca.co.uk/second-phase-of-funding-from-scottish-government-to-help-scottish-businesses/
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.
