The Government today (15th September) launch a £20m "business recovery support grant", which is available to all small businesses
The Grant is to be used to aid a businesses recovery and you can be awarded between £1,000 and £3,000 (with a £5,000 award under exceptional circumstances)
The grant can be used for support in professional services (Accountancy, IT, Legal, HR etc.), or for the purchase of new technology to make the business more effective/ efficient, going forward. Whilst some of the services you can use the grant for haven't been clearly defined, the Government have said that PPE equipment does not qualify for the grant
The grant is awarded in full for any work undertaken, so the business does not have to contribute a percentage towards costs
Grants will be administered by the local LEP's and you will need to apply for your funding directly through the LEP
LEP websites you may find useful are:
There are 38 LEP's around the country. A full list can be found here
How accountancy extra can help support your COVID recovery planning
We know a number of our customers (and other companies we know) would love some additional support right now to help create their COVID-19 business recovery plan
We have put together a 5 step Business Recovery support package for our customers, which covers:
- Fully understanding your current position
- Calculating what you need to bring each month to cover all your costs
- Generating a cashflow forecast, so that you know where the bumps in the road are and what to do about them
- Looking at different scenarios, such as hiring new team members or losing 20% revenue, so that you are armed with accurate financial information to tackle those challenges
- Agreeing targets for the next 12 months to keep your actions on track
You can read more about the recovery plan here
If you'd like to know more about how our recovery plan could support you in the coming months, please drop us an email at hello@accountancyextra.co.uk
