New grants have been released by the Government for smaller businesses in England and worth £20 million. The aim of the grant is to ensure that businesses are able to access the support that they need to help them recover from the effects of the Coronavirus pandemic.
Small and medium sized businesses will have access to grants of between £1,000 – £5,000 to help them access new technology and other equipment as well as professional, legal, financial or other advice to help them get back on track. This includes the advice and support from an accountant. The funds are fully funded by the government.
In order to access the grant you need to apply via your local growth hub contact. There will be a minimum of £250,000 for the LEP areas, which will be reviewed as the grant is delivered.
What exactly does professional advice for recovery look like?
We offer a package that includes the following to help businesses recover whilst also looking at ways to anticipate and plan for different scenarios such as change in customer behaviour, staff changes, diversifying and putting in plans in place should a local lock-down affect your area of business. This includes but is not limited to:
- Cash flow planning and review .
- Control of business overheads.
- Business performance reviews to ensure your business is on the right track.
- Technology to assist with managing the performance of the business such as bookkeeping software and cashflow tools.
- Reports and suggestions on action required to aid recovery.
- Regular telephone and email support.
- Support and guidance on additional sources of support and funding available for you.
- Tax return preparation to account for the COVID support received for the 2020/21 tax year.
- Follow up support to ensure the business has fully recovered.
- Planning and review of options available to the business such as diversifying, investment in technology and training.
- HR support and advice from our associate partner.*
If this is something that you need support with then do get in touch. You can email [email protected] or if you would prefer to talk book a free discovery call today.
You can learn more here about the £20 million in new grants to boost recovery of small businesses
Friendly disclaimer: The information contained in this article is for guidance and information purposes only. It should not be relied upon as full and complete accounting, tax or legal advice. For specific advice relevant to your own situation please speak to Ria-Jaine MAAT or another professional direct.
*HR support and advice is subject to any agreement that you have with our associate partner and packages and prices are available on request