Coronavirus: New government grants for small and medium businesses

Coronavirus picture package

On 30 July 2020 the government announced £20 million of new funding in the form of grants to help smaller businesses recover from the effects of the coronavirus pandemic.

Small and medium sized businesses in England can get access to grants between £1,000 and £5,000 for new equipment and technology as well as professional, legal, financial or other advice to help them adapt, recover or get back on track following the coronavirus pandemic

The support will be fully funded by the government with no obligation for businesses to contribute financially and has been allocated to Growth Hubs within each LEP. There will be a minimum of £250,000 for all LEP areas.

Activities supported through the funding can include specialist professional advice from HR, accountants, legal, financial, and IT services and to purchase minor equipment or adopt new technology to continue to deliver business activity or diversify. For example, a business may wish to explore and implement a website or direct online sale of produce to consumers.

The funding is being provided to access immediate needs and all grants must be awarded by LEPS by 28 February 2021 with all activity completed by 31 March 2021.

More detail will hopefully be announced but members should check with their LEP – individual LEP websites can be found here.

Coronavirus: Updates and advice

This news hub on NFUonline will be updated regularly to keep you up to date with what you need to know and how to deal with the various issues raised by coronavirus. Visit the hub.

Business interruption insurance

Members should be aware that they may not be covered for coronavirus losses through their business interruption insurance due to uncertainty around non-damage issues. If you are unsure whether your business interruption cover includes the pandemic, contact your insurer.

Click here for more information at the NFU Mutual website.

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