Hardship Fund – Newly Self-employed and SMEs (Scotland only)
The Scottish Government confirmed yesterday a wider package of business support for the self-employed and SMEs who are not covered by, or who are struggling to access, existing measures.
The three separate funds are open for applications now and will begin to pay out grants in early May.
Newly Self-Employed Hardship Fund – offering one-off payments of up to £2,000 for individuals recently self-employed and excluded from the wider UK SEISS scheme. There are a number of eligibility criteria but at a minimum you must:
- have become self-employed on or after 6 April 2019
- have lost revenue due to the coronavirus pandemic
- have not been able to access support through other COVID-19 business support schemes.
This funding will be managed by Local Authorities. Find full details and how to apply here on the GOV.SCOT website.
Creative, Tourism and Hospitality Hardship Fund – small and micro businesses working in these specific industries and who are not eligible to receive other COVID-19 support can apply for grants of up to £25,000. To be eligible your business:
- must have up to 49 employees
- must have experienced at least a 50% loss of current or projected revenue
- must not be in receipt of other COVID-19 government support, except the Furlough Scheme
- must not be a pre-revenue company.
You will also have to provide a 3-month cash flow table for your business and if you require any assistance in compiling this please get in touch. This will be managed by the Enterprise Agencies. Find full details and how to apply here on the GOV.SCOT website.
Pivotal Enterprise Resilience Fund – This funding is targeted at vulnerable SMEs who are considered vital to the ongoing local or national economic prosperity of Scotland. Your business must have up to 249 employees and a turnover less than €50 million or a balance sheet total of €43 million.
In addition to qualify, businesses must meet the following conditions:
- be seen to drive economic prosperity through wages, employment, exports, supply chain etc
- be a supplier or potential supplier to NHS or other COVID-19 vital services
- are able to scale up or diversify due to COVID-19 opportunities
- have plans to continue to trade in the coming months
- can use the payment for working capital to help meet a cash flow gap or can supplement other government funding
- can use the payment to contribute to cashflow items eg. rent, wages, directors’ salaries, utilities, materials, transport, financing costs-VAT/HMRC, creditor payments
For an application to be successful, you will also have to provide a 12-month cash flow table. Again, do get in touch if you need assistance to prepare this quickly. This funding will be managed by the Enterprise Agencies. Full details and how to apply can be found here on the GOV.SCOT website.
Planning Your ‘Virtual’ Business Future – Cloud Accounting
We have had a positive response to our update when we highlighted the benefits of Cloud Accounting. Cloud accounting allows you to access your financials from virtually any device, anywhere and at any time.
It will allow you to get your books done faster, be that importing bank transactions or sending invoice reminders – in simple terms, the faster the process, the faster you get paid. All your financial information will be in one place and you can provide us with secure access. We can see the same data at the same time, which is great for you and for us to ensure you meet any and all your tax obligations.
The ‘online’ world has grown in significance over the recent weeks, for obvious reasons. We believe it will become the norm. It is important for all businesses, VAT and non-VAT, to consider to this way of working.
In order to provide some confidence and advice to anyone who is interested but maybe still a little unsure about how to proceed, we are planning a webinar demonstration of Xero Cloud Accounting, a solution than many of our clients and millions of small businesses already use. We will advise dates and times in the near future. But in the meantime, if you have any questions call or email our team who will be able to help you.
We are still keen to understand what information you would like to receive as the COVID-19 situation continues to evolve. Our quick, four question survey will remain open until the end of the weekend and if you have the time to complete this it would be greatly appreciated – please click here to complete survey
We cannot say too often, we are here to help. Enjoy your weekend and keep safe.
Information correct as of 1 May