COVID-19: Business Support in TeessidePosted By: Helen Monday 22nd February 2021 Tags: business funding, business funding north east, funding teesside
As a prevalent IT Support Company in the North East, we have a good understanding of the corresponding funding opportunities available across the Teesside area. Today’s blog will focus upon pockets of money obtainable by various sectors across the region. In the meantime, if your company is looking to invest in the services of a reputable IT company, let us know. We’ll help determine the funding available and advise if this is applicable to your project.
Grants versus Funding
Yes, these are very different. Whilst grants are quite often difficult to come by when circumstances don’t involve a worldwide pandemic, there’s always some form of funding to be had. Whilst a grant is an amount of cash given without the need to be repaid, funding is a certain amount that goes towards the grand total. Clear as mud?
Let’s delve a little further;
We’re looking at grants today and there are some available in Middlesbrough and the Tees Valley areas. The following sections aims to explain these whilst helping you ascertain eligibility:
Local Restriction Support Grant
Accessible to businesses which have been closed since 23rd March 2020, this grant applies to the likes of nightclubs and entertainment venues. As it stands, any companies already in receipt of a previous payment need not apply. Middlesbrough council will contact you directly in order to confirm details.
Based on the rateable value of the property, businesses could receive the following:
- £15,000 or under: £1,334.00 per 28 days closure
- £15,001 to £50,999: £2,000 per 28 days closure
- £51,000 & over: £3,000 per 28 days closure
You can find the specific list of eligible businesses, here.
Local Restrictions Grant for Open Businesses
Relevant for companies severely impacted but not closed by the restrictions, this option allows hospitality, leisure, hotel, bed and breakfast and nursery education to apply. Covering local tier 2 restrictions from 3rd October to 2nd December 2020, eligibility includes property and high fixed costs. Amounts vary and can be viewed here. Companies are paid every 14 days providing the criteria is met continually. Should your business fall into this category, you can apply for the grant here.
But that’s not all;
With additional ‘top up’ grants available, it’s well worth visiting the Middlesbrough Council website to find out about further support. Supplementary schemes include business rate holidays for retail, hospitality and leisure industries.
It’s been announced that the government is making a further £594million available to support businesses not eligible for the above mentioned grants. To find out more about these, get in touch with your local authority or visit their website.
What about furlough?
Continuing to run until the end of April, the furlough scheme is now known as Job Retention. If your company requires a little more financial assistance, it may still be worth looking into furlough. Once the country is out of lockdown and the government has set out clear guidelines for moving forwards, a job retention bonus will also be introduced. For each eligible furloughed employee, a taxable bonus of £1,000 will be given.
Based on the above information we have a good idea of support levels available. Our advice is to make a habit of visiting local authority websites as often as possible as situations change fast.