Qualifying businesses can claim for a one-off small business grant from 15 February 2021.
In order to be eligible for the grant, businesses and sole-traders must meet the following criteria:-
- The business must work within an eligible economic sector (see our previous posts for a list of eligible sectors).
- The business must be unable to trade, or generate less than 70% of normal turnover.
- The business must have been registered with the Revenue Service for social security as at 31 December 2020, and must have either submitted an employer return for quarter 4 2020, or paid self-employed contributions from 2020 or earlier.
- The business must be operating on a full time basis or, for self-employed individuals, be your main source of income.
- The business must have minimum monthly expenses of £500 (£6,000 per annum). Monthly expenses include all costs directly attributable to the business. This includes loan repayments, but excludes salaries, directors fees, personal costs or inter-company recharges between related entities.
- The maximum of people employed by the business must not exceed 20 as at 31 December 2020 (not including individuals working less than 15 hours per week). If you are self-employed, you will be counted as an employee. Where staff levels change on a seasonable basis, an average number of employees will be calculated.
- To claim the higher grant of £2,000, the business must operate out of a commercial premise owned by a third party. The business must incur rent or mortgage interest on the premise. Claims are not eligible if the premise is a domestic dwelling.
- Where a business operates from multiple premises, they can only apply for one grant.
- For instances where several businesses are owned by the same individual, the individual can only apply for one grant, unless they operate within a different eligible economic sector.
For more information or for any assistance please get in touch:
01481 740 205
info@cleland.gg
www.cleland.gg