Scots firms get access to grants from £1bn fund

The Scottish Government said on Tuesday afternoon that the £1 billion “business support fund” has openened and that businesses can now apply for grants to help them deal with the impact of the coronavirus outbreak.

“The one-off grants are designed to help protect jobs, prevent business closures and promote economic recovery, and more than 90,000 ratepayers across Scotland will be able to benefit,” said the Scottish Government.

“The grant support is additional to separate tax relief measures and is part of a package of measures worth £2.2 billion.

“Small businesses in receipt of the small business bonus scheme or rural relief, as well as hospitality, leisure and retail business can benefit.”

Two types of grant are now available to ratepayers: 

• a one-off £10,000 grant to ratepayers of small businesses

• a one-off grant of £25,000 available to retail, hospitality and leisure business ratepayers with a rateable value between £18,001 and £50,999

If businesses think they may be eligible for one of these grants, they should contact their local authority, who are administering the scheme on behalf of the Scottish Government. 

Cabinet Secretary for Finance Kate Forbes said: “While our primary concern is for people’s health, it is clear that the Coronavirus (Covid-19) outbreak will have severe economic consequences, and we are treating it as an economic emergency.

“We are determined to help keep companies in business and support them and their staff during this difficult time.

“Local authorities are the most efficient way to deliver this and we have worked closely with them to deliver these measures – and eligible businesses can apply now. 

“Local authorities will aim to make payments within 10 working days, and I’d like to thank them for their help in ensuring this support is delivered as quickly as possible.

“The COVID-19 situation, however, is both severe and fast-moving and requires a coordinated UK response: I will continue to work closely with the UK Government and the other devolved administrations.”

More information on how to apply can be found at:
https://www.mygov.scot/non-domestic-rates-coronavirus/


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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.