The Secretary of State for Business, Energy and Industry, Alok Sharma, has announced that grants to businesses under the Small Business Grants Fund, the Retail, Hospitality & Leisure Grants Fund and the Discretionary Grants Fund will close by 28th August.
Nationally, through the first two schemes, local authorities have now made £10.76 bn grant payments to over 875,000 hereditaments equating to over 92% of all those identified as in scope. Mr Sharma explained:
Given the schemes’ success, in that over 92% of eligible businesses have received grants, the Chancellor and I have taken the decision that all three grant schemes, including the Discretionary Fund, should close by Friday 28 August.
“The Chancellor and I have also agreed that once the final payments have been made on all schemes it will be necessary for local authorities to return any unspent funds to BEIS.”
In Stockport, £62 million in grants have been made to 5,500 businesses premises through the Small Business Grants Fund, the Retail, Hospitality & Leisure Grants Fund and the Discretionary Grants Fund, the latter of which closes for applications to its fourth phase of funding at midnight 7th August.
These grants have been vital to Stockport’s local economy – helping ensure the survival of shops, cafes, hotels, restaurants and many other businesses.
Stockport Council urged businesses not to miss out:
“We are in the final stages of this programme. The vast majority of eligible businesses have now claimed grants.
If you believe you are entitled to the Small Business Grants Fund, the Retail, Hospitality & Leisure Grants Fund https://www.stockport.gov.uk/support-for-businesses-and-employers/small-business-grant-funding-coronavirusbut haven’t yet provided your bank account details to the Council then please do so as soon as possible using the link provided. The Small Business Grants Fund, the Retail, Hospitality & Leisure Grants Fund scheme closes on 28th August, no further grants will be considered beyond that date.
The Discretionary Grant Scheme is currently accepting applications for phase 4, but applications close at midnight on 07/08/2020. In phase 4 there is also an opportunity to apply for a fixed grant of £2,000 for registered businesses based in Stockport that meet either of the following criteria:
- home based or self-employed that have not had access to any other financial support linked to Covid-19, that have had a reduction in income due to Covid-19
- fixed property costs below the £250 per month de minimis level set for earlier phases of the discretionary grant scheme and have not had access to any other financial support linked to Covid-19, that have had a reduction in income due to Covid-19.