Torbay council are working hard to support all businesses affected by the pandemic and have not for a variety of reasons been able to take advantage of the loans or grants to date.
However, it is important to note that the following are still open to applicants:
Small Business grants
The grants of £10,000 or £25,000 are being paid urgently to businesses across Torbay in order to financially support them throughout this challenging period. The £10,000 grants are for small businesses that are eligible for small business rate relief, while the £10,000 or £25,000 grants are for businesses in the retail, hospitality and leisure industry with a rateable value between £15,000 and £51,000.
What you may not know is that if you apply for the Small business grant from the Government
- You do not have to pay it back
- It will strengthen Torbay’s case in asking the Government for more financial support
More details and criteria together with the application form can be found here https://www.torbay.gov.uk/business/business-rates/business-rate-reductions/coronavirus-grants/
A sum of £1.7 million has been allocated to the Council from the Government and aimed at businesses not eligible under the Small Business Grant Fund or the Retail, Leisure and Hospitality Fund (though a wide range of small businesses will also be able to apply for these, not just those in leisure or hospitality industry)
Criteria and application form can be found here https://www.torbay.gov.uk/business/business-rates/business-rate-reductions/coronavirus-discretionary-grants/
Torbay Development Agency have supplied evidence to the Government that Torbay requires further grants to prevent economic disaster so it is imperative that
- The MP’s are lobbied to this effect and the Chamber is prepared to act as intermediary for the emails to the MP’s
- If more applicants apply for the Discretionary Loan and the Small Business Loans then this will evidence to the Government that more financial help is needed in the Bay.
These grants do not have to be paid back, the amounts will be taken into consideration regarding your tax implications but please encourage all the businesses that you know who are struggling to check if they are eligible and then apply.
If you are eligible you will be notified that you will be paid by BACS. In some cases further information may be required and you will be asked to supply this. You will also be notified if your application has been rejected for not meeting the criteria.
To lobby Kevin Foster for further funds for the Bay please either contact Kevin directly or send the Chamber a brief email stating the following :
- How you have been affected
- What will happen to your business if you do not receive financial help asap