Covid-19 : Business Support 30.04.20 – Update 27
We have updated our UK Business Support summary document (click here) for the recent developments on the Coronavirus business support initiatives, some of which we have circulated via email in recent days. This includes:
- Update to the £10,000 Small Business Grant –the online application portal has opened today for rental properties with a sole tenant and properties with a Total Net Annual Value (NAV) of £1,590 or below: Link here.
- Bounce Back Loan Scheme – the introduction of the new micro loan scheme for businesses aimed at providing a simple, quick, easy solution for those in need of smaller loans. The scheme offers loans of up to £50,000 that are 100% guaranteed by the government with interest covered for the first year.
- Support in relation to water and sewage bills – confirmation that water and sewerage bills for business and non-domestic customers are to be held back until July 2020 and the planned annual increase in non-domestic water and sewerage charges which had been due to be introduced on 1 April 2020 will be deferred and reviewed in September 2020.
- InterTradeIreland (“ITI”) Emergency Business Support & Emerge Programmes – initially only businesses currently involved in ITI projects (e.g. Acumen, Fusion and Elevate) were eligible to apply, but now the programmes have been extended and applications are welcome from SMEs operating in the manufacturing and tradeable service sector, who have no previous involvement with ITI. To be eligible for these programmes businesses must be:
- a manufacturing or tradeable service business registered on the island of Ireland (North or South);
- engaged in cross border trade;
- have a satisfactory trading history (min. 18 months);
- have the capacity to deliver the project; and
- have less than 250 employees and annual turnover of less than £40 million (or Euro equivalent).
In addition we have updated the charity sector of the Business Support summary document to include additional funds/grants and provide links to support information which may be beneficial.