Businesses across Torbay can apply now for cash grants to cushion the financial impact of the COVID-19 restrictions. Torbay Council, who are administering 7 million in grant funds from national Government for Torbay businesses, has opened up the application form on their website.
Rate paying businesses legally required to close
Rate paying businesses required to legally close, are eligible for a business grant depending on their Rateable Value. The grant values are as follows;
- rateable value of exactly £15,000 or under will receive £1,334 per 28 days
- rateable value over £15,000 and less than £51,000 will receive £2,000 per 28 days
- rateable value of exactly £51,000 or above will receive £3,000 per 28 days
This scheme known as ‘Local Restrictions Support Grant (Closed)’ is funded by the Government on a rolling programme for all the time there are National or Local restrictions requiring closures.
Rate paying businesses not legally required to close
Rate paying businesses which – while not legally forced to close – are nonetheless severely impacted by the restrictions put in place to control the spread of Covid-19 are able to apply for a discretionary grant.
This scheme is a finite pot and therefore will need to be prioritised based on the level of financial hardship faced as a result of the National or Local restrictions.
If the limited funding for is oversubscribed, awards to businesses will be prioritised based on their relative levels of ongoing fixed property-related costs, the number of employees and relevance to the Local Economy.
The grant values are as follows;
- rateable value of exactly £15,000 or under will receive £934 per 28 days
- rateable value over £15,000 and less than £51,000 will receive £1,400 per 28 days
- rateable value of exactly £51,000 or above will receive £2,100 per 28 days
Discretionary Grants are available during a National Lockdown and during Local Restrictions of Tier 2 or Tier 3.
Non-rate paying businesses (this includes small limited companies, self-employed and sole traders)
Non-rate paying businesses which have been severely impacted by the restrictions put in place to control the spread of Covid-19 are able to apply for a discretionary grant.
Home workers, sole traders and self-employed individuals are only eligible for this grant if they do not qualify for the Self-Employed Income Support Scheme which provides income support and you must have a Unique Taxpayer Reference (UTR) Number.
This scheme is a finite pot and therefore will need to be prioritised based on the level of financial hardship faced as a result of the National or Local restrictions.
If the limited funding for the scheme is oversubscribed, awards to businesses will be prioritised based on their relative levels of ongoing fixed property-related costs, the number of employees and relevance to the Local Economy.
The grant available is for £934 per 28 days.
What you’ll need to apply
Where applicable, businesses will need to provide the following evidence:
- Business address
- A copy of the businesses October bank statement
- Rate paying businesses legally required to close
- Business rates account number
- Company number – as registered with Companies House
- VAT registration number
- Unique Taxpayers Reference (UTR) Number
