Newark and Sherwood businesses can apply for second round of Discretionary Grant Fund
A second round of applications for Newark and Sherwood District Council’s Discretionary Grant Fund has opened, offering funding to support small businesses in the district that have not yet been eligible to receive any form of government support grants.
Following the completion of the first round of funding, the grant eligibility terms were revised across Nottinghamshire to open the fund up to a greater number of small businesses.
Businesses are encouraged to apply quickly as the deadline for applications closes on Friday, August 7, 2020.
The main changes for the grant offered by the district council are an increase in the rateable value for businesses in the retail, hospitality and leisure sectors from £51,000 to £75,000; a decrease in the threshold for property-related costs as a percentage of total overheads to 5% (from 15%) and a reduction in the loss of income threshold to 70% (from 80%).
The scheme introduces a fixed payment for those businesses that do not have substantial property-related costs but have experienced income loss of over 70%.
Applicants of the Coronavirus Job Retention Scheme or the Self Employment Income Support Scheme remain eligible to apply for this scheme. Businesses or individuals who have been ineligible for any other funding support may be prioritised.
Businesses that have already received cash grants or are able to do so from any existing central government coronavirus-related scheme are ineligible for the fund.
Council leader David Lloyd said: “We have so far supported 2,242 businesses and paid more than £26m in grants.
“A further £1m has been allocated locally for the second phase of the Discretionary Grant Scheme.”
Businesses must have been trading on March 11 and will need to provide evidence of loss of income, including supplying the latest annual financial statements. Where these are not available, figures should be reviewed and validated by an accountant prior to submission.
Applications are made through the council website and reviewed and evaluated as quickly as possible.
Businesses can find out more about eligibility and apply for the fund at shorturl.at/vxCD4