28 August
By Victoria Wainwright
Categories: Services/Government/Growth/Corporate/Business/COVID-19

New Professional services grant for SME’s includes accountancy advice

New Professional services grant for SME’s includes accountancy advice
 
Small and medium-sized businesses (SMEs) who have been directly impacted by the coronavirus pandemic could benefit from a new Government grant to cover the costs of specialist professional advice, including accountancy services to help them get back on track.
 
The Minister for Regional Growth and Local Government has announced an additional £20 million of overall funding, providing small and medium sized businesses in England with access to grants to aid their recovery from the effects of the coronavirus pandemic.
 
The support will be fully funded by the Government from the England European Regional Development Fund with no obligation for businesses to contribute financially and will be distributed through local enterprise partnerships (LEP) Growth Hubs, embedded in local areas across England.
 
The nature and value of grants awarded will be tailored to local circumstances, and will typically be up to £3,000. Under certain circumstances, and on a case-by-case basis, grants of up to £5,000 may be awarded.
 
Activities supported through the £20 million must be to directly respond to the impact of COVID-19 and can include:
 
  • one-to-many events providing guidance to respond to coronavirus 
  • small grants to:
    help businesses access specialist professional advice e.g. human resources, accountants, legal, financial, IT / digital 
    purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify
 
Leeds City Region Enterprise Partnership (LEP) has been awarded £1.8m to support businesses across the whole of West and North Yorkshire (Bradford, Calderdale, Kirklees, Leeds and Wakefield) and North Yorkshire (Craven Hambleton, Harrogate, Richmondshire, Ryedale, Scarborough, Selby and York).   The maximum grant in this area is likely to be capped at £3,000.
 
Grants in the region will cover 100% of costs, excluding VAT. Once an application has been approved, businesses will be required to make the payment for the support or purchase and make a claim for the grant.
 
How to apply
 
Business owners must apply for these grants via the local Growth Hub in their respective LEP region however it has not yet been released when the grants will become available. 

We understand that in the application process is unlikely to go live until mid to late September in the Leeds City Region, however other LEP areas may differ. 

Current details on this funding at present are limited and so it may evolve and change as further information is made available. Our team will be back in touch once we know more.

You can locate the Growth Hub nearest to you in your LEP region and keep up to date with the latest information here.
 
We are here to help
 
The Naylor Wintersgill team are working hard to keep you up to date with all the latest news and developments in light of the Coronavirus crisis and are here to help and support you during these difficult times.

Please do not hesitate to contact our team if you require any assistance or wish to find out more about the full range of additional accountancy, business and taxation support we can assist you with during this times.