Over £65m worth in grants now paid to local businesses by SWT
17 March 2021 : Business
SWT is pleased to announce that it has released in excess of £65 million worth of grant funding to local business since March 2020.
This includes over £3 million of Additional Restrictions Grant funding, which although awarded by central government, SWT administered under its own autonomy to support businesses not eligible for other grant schemes. These grants are not loans and are not repayable.
The Council is urging any remaining businesses, which have been severely impacted by the Covid crisis and are yet to receive or register their interest for a business support grant, to do so urgently.
The Government announced last week that the application window for the majority of the existing grant schemes will close on Wednesday, 31 March 2021.
Businesses who believe they are eligible for support and wish to be considered for a grant should visit the Council’s Covid Business Support Grants webpage to register their interest online.
Central Government has also announced a new grants ‘start-up’ scheme for rate paying businesses, which will come into effect from April 2021.
Councils have been promised full details along with the funding to administer the new scheme by early April, at which point SWT will implement as soon as possible, with payments anticipated to be made in mid-April 2021.
In a further update following the Chancellor’s recent Budget statement, business rates holidays for retail, hospitality and leisure businesses and childcare nurseries have now been extended to 30 June 2021.
From 1 July 2021 onwards, these awards will be reduced to 66% for the remainder of the financial year for qualifying businesses.
Cllr Marcus Kravis, Executive Member for Economic Development, said: “We want to support as many of our businesses as we can to help them through these restrictions and to support our local economy.
“We've now paid out more than £65 million in grant funding to local businesses in need and I implore any other businesses who haven't received a support grant to register their interest via our website before the 31 March deadline.
“I’m very proud of our officers who are working fast to ensure those businesses who need it most are receiving the money as quickly as possible.”