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£20 Million Funding To Support Smaller Businesses

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The government has announced £20 million worth of new funding to help smaller businesses recover from the effects of the COVID-19 pandemic.

Small and medium sized businesses in England will be able to access grants of between £1,000 & £5,000 through their local Growth Hub. Currently the exact details for eligibility have not been released but you can complete an online form to express your interest in the funding.

What we do know, from the current information released, is that the money can be used to help purchase new equipment, technology and gain specialist advice to help adapt, recover and rebuild your business.

Under ‘specialist advice’ you can access additional support from professionals including your Accountant. We would be happy to provide any additional support, or service, to help our clients cope with changes they are facing due to the pandemic. Below are some examples of the areas we could assist you in;

  • Help to improve accounting records/computerised accounts.
  • Regular management accounts/information
  • Monthly/quarterly meetings
  • Business plans
  • Profit and cash flow forecasts
  • Strategic planning

The government link below gives more information along with details on how to find your local Growth Hub to start the application.

https://www.gov.uk/government/news/20-million-in-new-grants-to-boost-recovery-of-small-businesses?mc_cid=d6d28c3981&mc_eid=1e7d5ea1f4

Related news

Through the pandemic the Government have assisted Employers by offering the Coronavirus Job Retention Scheme (CJRS), this has been massively used by Businesses across the Country.

View article about £1k Job Retention Bonus

There are 2 grants claimable by sole traders and partners affected by the COVID-19 crisis.

View article about HMRC Self-Employed Support Scheme Grants – Evidence

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