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Businesses can still apply for Discretionary Grant Fund

Posted onPosted on 24th Aug

Small businesses that were not eligible to receive Government COVID Support Grants are being urged to apply for Newark and Sherwood District Council’s Discretionary Grant Fund before its deadline in one week, on Friday, August 28.

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.

The main changes for the grant offered by Newark and Sherwood District Council are an increase in the rateable value for businesses in the retail, hospitality and leisure sectors from £75,000 to £100,000; 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 60% (from 70%).

The scheme also introduces a fixed payment for those businesses that do not have substantial property related costs but have experienced income loss of over 60%.

Applicants of the Coronavirus Job Retention Scheme or the Self Employment Income Support Scheme remain eligible to apply for this scheme. However, due to the limited funding available, the Council may prioritise businesses or individuals who have been ineligible for any other funding support.

Businesses that have already received cash grants or are able to do so from any existing central government Coronavirus-related scheme are ineligible for funding from the Discretionary Grant Fund. This includes but is not limited to the following schemes:

• Small Business Grant Fund
• Retail, Hospitality and Leisure Grant
• The Fisheries Response Fund
• Domestic Seafood Supply Scheme (DSSS).
• The Zoos Support Fund
• The Dairy Hardship Fund

Leader of Newark and Sherwood District Council, Councillor David Lloyd, commented: “The Discretionary Grant Scheme was first made available to provide much needed financial support to those businesses that have not already received government funding and have been adversely impacted by COVID-19. We have so far supported 2,357 businesses and paid £27.5 million in grants.

“The application process closes on 28 August and therefore I urge businesses to apply now to take advantage of this vital financial support, which has been made available to support and help our business community.”

Businesses must have been trading on 11 March, 2020 and will need to provide evidence of loss of income, including supplying the latest annual financial statements, when submitting their application. Where these are not available, all figures should be reviewed and validated by an accountant prior to submission.

Applications should be made online through the Newark and Sherwood District Council website and will be reviewed and evaluated as quickly as possible. Businesses can find out more about eligibility criteria and apply for the Discretionary Grant Fund here