Funding and furlough assistance forced to close due to COVID restrictions
THE Scottish Government has released further details of the £40 million business support package it announced last week.
The initiative will see a COVID-19 Restrictions Fund made available for businesses required to close. It will allow business owners to apply for one-off grants of up to £3000, depending on their venue’s rateable value. Venues with a rateable value of up to £51,000 can apply for a grant of up to £2000, with those with a rateable value of £51,001 and above eligible for a grant of £3000.
There will also be a hardship fund for businesses that remain open but have been impacted by the restrictions. That fund will dispense grants of up to £1500.
And £9 million in funding is being made available to help with the cost of re-furloughing staff by covering the 20% salary contribution required by the UK Government.
There will also be a discretionary fund of £11m to provide support for those businesses that aren’t covered by the other funds.
Economy secretary Fiona Hyslop said tackling the coronavirus in Scotland “is a difficult balance and we do not underestimate the challenge that these new measures present for businesses – particularly those in the hospitality sector”.
The grants will be distributed by local authorities.