Business support

I know that many businesses are struggling during this extremely challenging period. Lockdown is having a serious impact on the economy and nobody would pretend that the Scottish and UK Governments can fix things on their own. Among other things we need the banks and insurance companies to play their part. Among the support being offered to businesses:

  • Employers and employment agencies can now furlough staff for whom there is no work, and the UK Government will cover 80% of their wages;

  • Grant support is now available to all businesses with a rateable value of up to £18,000, and to retail, leisure and hospitality businesses with a rateable value of less than £51,000;

  • Retail, hospitality and tourism businesses will also receive 100% rates relief;

  • A self-employed income support scheme has been launched for anyone who declared self employment income to HM Revenue & Customs for the tax year 2018/19;

  • The Coronavirus Business Interruption Loan Scheme (CBILS) is a UK Government scheme design to address urgent cash-flow problems for small businesses;

  • Creative Scotland has launched three funding programmes designed to provide further support to sustain the country’s creative community during the Covid-19 outbreak.

 

Fife Council has a very useful web page with links to the relevant Scottish and UK Government pages that show full details of these and other forms of financial support for businesses. Click here for more information.

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