What is a small business?
To qualify as a small company under the Companies Act 2006, at least two of the following conditions must be met:
- Employ no more than 50 people
- Have a maximum turnover of £10.2 million
- Have a balance sheet of no more than £5.1 million
What types of business make a direct contribution to Charnwood through the provision of health, welfare or community support services?
We want to ensure that the funding we provide is able to support the borough to recover from the pandemic and continue to prosper. We would encourage applications from those that believe they make a contribution to these services, including, but not limited to, dentists and physiotherapists, day nurseries and personal care providers.
How much funding will I receive?
Grant applications will be assessed when the application window closes, after this we will be in a position to understand the funding need across the borough. A maximum grant of £25,000 can be awarded, although we anticipate that the majority of businesses will receive a payment of £10,000 in order to allow us to support as many applicants as possible.
When will I receive the grant?
Grant applications will be assessed when the application window closes, after this we will be in a position to understand the funding need across the borough. All grants will be paid at once from the week commencing 29 June.
What evidence can I provide to demonstrate my business has been impacted by COVID-19?
Generally, we will expect a short description of the impact on your business. Additionally, you may have additional evidence showing, for example, comparable business revenues, or numbers of staff furloughed or made redundant demonstrating the business impact of COVID-19.
I received a grant under the retail, hospitality and leisure grant scheme, can I apply?
No. This additional funding has been allocated by the government to support businesses that have been ineligible for previous grant support.
I received a grant under the small business grant scheme, can I apply?
No. This additional funding has been allocated by the government to support businesses that have been ineligible for previous grant support. If you receive small business rate relief you will be entitled to a grant under the previous small business scheme.
My business operates from a shared premises, can I apply?
Yes. The discretionary grant funding has been allocated by government in order to support businesses that have been ineligible for previous grants, including those running from shared offices or workplaces.
I have received funding from the Self Employed Income Support Scheme, am I still eligible?
Yes, business that have benefitted from the Self Employed Income Support Scheme can apply.
I operate my business from home, can I apply?
No, with the exception of bed and breakfasts that pay council tax, this scheme is designed to support businesses with ongoing property costs, including those who operate from shared premises.
Is there support for market traders who do not have fixed building costs?
Although the government’s initial funding criteria was for market traders with fixed building costs, we understand the important contribution that Loughborough and Shepshed market traders make to the borough and so have allocated a funding pot to support our regular traders. A grant of £20,000 will be shared among regular traders; amounts will be calculated based on stall rentals paid to us between January and March 2020.
Last updated: Thu 4th June, 2020 @ 10:24