Over £12m paid-out to North Somerset businesses, with more to come
North Somerset Council says it is working hard to get payments out to businesses under the support schemes announced by the Government due to the coronavirus pandemic.
Cllr Mark Canniford, executive member for business, economy and employment, said: “There are around 3,500 businesses eligible in North Somerset. The Government has made a sum of £40.3m available to us for paying the grants. We recognise this is a difficult time and we want help organisations get the financial help they need.
“We have an automated process in place and so as soon as applications are reviewed by our team they will automatically flow to businesses – the number in this team has been increased and they worked throughout the Easter weekend to ensure we processed a significant number of applications over that period to alleviate delays where possible.
“We have processed 1,063 claims and paid out £12.9m to date.”
The business grant schemes come in the form of a Small Business Grant Fund and a Retail, Hospitality and Leisure Grant Fund. Grants are between £10,000 and £25,000 depending on circumstances.
There is also support available in business rates relief (applicable to all retail, hospitality and leisure properties, including estate agents, letting agencies and bingo halls. Businesses will receive 100% relief from their business rate bill for April 2020).
Additional Government run schemes supported by the council include:
Self-employment Income Support Scheme – a taxable grant worth 80% of self-employed individuals income up to a maximum of £2,500 a month for the next three months.
Coronavirus Job Retention Scheme – any business putting staff on leave during the coronavirus outbreak will receive 80% of a person’s salary, up to a value of £2,500 per person, per month.
Support for self-employed people – the minimum income floor has been suspended allowing all self-employed individuals to access Universal Credit.
Bank of England – liquidity support for larger businesses – the Covid Corporate Financing Facility is open to financially healthy companies that are experiencing severe disruption to cash flows, helping to pay wages and suppliers.
SME Statutory Sick Pay compensation – this support helps small and medium-sized business to cope with the extra costs of paying COVID-19 related Statutory Sick Pay of up to two weeks.
Cllr Canniford added: “Help is available and I would really urge businesses and individuals to get in contact with us to see what available support there is. We can only make the grant payments to eligible business if we have their bank account details so I urge businesses to complete the online paperwork so we can ensure they are paid.”
Visit www.n-somerset.gov.uk/together to find out more.
