Business News coronavirus Local News

Hundreds of thousands of pounds to support businesses

Test Valley Borough Council is set to begin processing hundreds of thousands of pounds of vital funds to businesses that have been forced to close during the Covid-19 national lockdown restrictions.

At the end of October, the government announced a new scheme for local authorities, where businesses who are required to close during the November lockdown, could apply for up to up to £3,000 which would be received every 28 days for the duration of the scheme.

Now, after incorporating the guidance from central government, businesses are being encouraged to check their eligibility for The Local Restrictions Support Grant and apply for the funding through the council’s website.

Depending on meeting eligibility criteria, businesses which were trading from a premises with a rateable value of £15,000 or less on 4 November  will receive £1,334 per 28 days, with those of a rateable value of more than £15,000 but less than £51,000, receiving £2,000 over the same period.

Any business with a rateable value of £51,000 or more on their premises, will receive £3,000 over 28 days.

A list of eligibility criteria, further guidance and an application form can be found via testvalley.gov.uk/businessgrant. Some businesses that the council believes may be eligible have been written to, but companies are encouraged to check the guidance and apply if they believe they meet the relevant criteria. As well as the support grant, the council is also looking to set up a discretionary grant to help those whose business and trade has been impacted by the lockdown, even if they have not been forced to close directly.

Finance portfolio holder, councillor Maureen Flood, said: “We have been working extremely hard to ensure that businesses can access this often vital funding as quickly and efficiently as possible. I know how difficult these times are for our local industries and we are determined to support local business.

“I would encourage anyone who thinks they may meet the criteria to apply for The Local Restrictions Support Grant, or get in touch with our officers if they have any queries at all. This is only the start of the financial support, and we will do all we can to help the Test Valley economy.”

On Air Now