Government announces Business Grant Fund Schemes to close on Friday 28 August 2020

Government announces Business Grant Fund Schemes to close on Friday 28 August 2020 The Government has announced that all of the business grant fund schemes set up to help businesses through the coronavirus pandemic will be closing shortly, and that payments must be made by Friday 28 August. If for any reason eligible businesses who have not already made an application now is the time to apply, as time is running out. Torbay Council is urgently contacting eligible businesses to encourage them to make applications so they can take advantage of these grant schemes whilst they are still available. If you run or own a business that meets the criteria set out below, please make sure your business has applied. Or, even if you know someone that runs a business locally, please start a conversation with them and check that they have applied. These grants of £10,000 or £25,000 are NOT loans and do not share the same characteristics as a loan, most significantly this means they do not have to be repaid by businesses that are eligible to receive them. The more of these ratepayer grants which are claimed by eligible businesses, the more grant funding that can then be given out through the discretionary fund. This means encouraging eligible businesses to apply, results in even more vital grant funding being unlocked for Torbay which can then be distributed to even more local businesses that weren’t eligible for the ratepayer schemes. Small Business Grants Fund (SBGF) scheme There are £10,000 cash grants still available for small businesses that are eligible for small business rate relief. Applications must be made before Friday 28 August. If your business property has a Rateable Value of £15,000 or under & was eligible for Small Business Rates as at 11 March 2020 your business will qualify for a £10,000 grant. Retail, Hospitality and Leisure Business Grants Fund (RHLGF) All Retail, Hospitality or Leisure businesses in Torbay with a Rateable Value below £51,000, again have until Friday 28 August to apply for a £10,000 or £25,000 grant. Properties eligible for the grant will be those that are wholly or mainly being used as a hospitality, retail, or leisure venue. These include: • Shop • Restaurant, Café, Bar or Pub • Cinema or Live Music Venue • Estate Agent or Letting Agency • Assembly or Leisure Property - for example, a Bingo Hall, Sports Club, Gym or Spa • Hospitality property - for example, a hotel, a guest house or self-catering accommodation Cllr Darren Cowell, Deputy Leader of the Council and Cabinet Member for Finance, Torbay Council, said “We urge all eligible businesses across Torbay to take full advantage of all the financial help and support on offer and encourage businesses to act now to make their application, before the Government close the schemes on Friday 28 August. The Council and TDA have been working hard with business groups to provide support and guidance. We have to date made over £36m of emergency grant payments across the grant schemes and hope to continue to provide much needed financial support to as many businesses in the local economy before these schemes are closed by central Government”. To find out more and to apply for a grant visit the Advice and support for business and tourism page on our website. We cannot stress enough that applications must be made early enough to allow them to be considered and payment made by Friday 28 August.

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