Second Phase of Funding from Scottish Government to Help Scottish Businesses

The Scottish government announced yesterday that around £220 million of further grants are being made available for Scottish businesses to help them deal with the ongoing impact of the coronavirus (COVID-19) outbreak. This includes the recently self-employed.

This new support funding is made up as follows:-

• £120 million to extend the Small Business Grant scheme to ensure that, in addition to a 100% grant on the first property, small business rate payers will be eligible to a 75% grant on all subsequent properties.
• £100 million is also being made available to protect self-employed people and viable micro and SME businesses in distress due to COVID-19.

This fund will be channelled through local authorities and enterprise agencies to target newly self-employed people and businesses who are ineligible for other Scottish Government or UK Government schemes.

Applications for the £100 million fund will be open by the end of the month, and the new arrangements for the Small Business Grant will be in place to receive applications on 5 May 2020.

We will issue more detailed information on how to claim the new funding once this has been published.

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.

Photo by Hello I’m Nik ? on Unsplash