Businesses across Torbay can apply now for cash grants to cushion the financial impact of the COVID-19 restrictions. Torbay Council, who are administering the £7 million in grant funds from national Government, has opened up the application form on their website.
Steve Darling, Leader of Torbay Council, said: “We’re urging businesses to take advantage of these ring-fenced funds. Up the end of September we issued nearly £38 million in business support grants. We want to make sure everyone who is eligible applies as quickly as possible.”
Darren Cowell, Deputy Leader and Cabinet Member for Finance, said: “Businesses that pay business rates and who have been legally required to close can apply to the Local Restrictions Support Grant (Closed). This payment will range from £1,334 to £3,000 for the four week period from 5 November. If we continue in national or local restrictions after 2 December then further payments will be made without the need to re-apply to businesses that are legally required to remain shut.
“Businesses who were not required to close may be eligible for an Additional Resources Grant. Payments from this fund are from £934 to £2,100 for the four week period. This is a finite pot, though, so we will prioritise who receives payments based on the level of financial hardship a business is facing.”
Steve Reynolds, Chair of Torbay Business Forum, said: “The first round of grants made a real difference to many small businesses in the Bay and we’re encouraging all businesses to apply now to the council for their share of these new pots.”
Businesses can apply online on the Torbay Council website: www.torbay.gov.uk/businesses-financial-support.
There are other economic support measures in place for businesses.
– The Coronavirus Job Retention Scheme, commonly known as “furlough”, may enable an employer to keep people on payroll when work is not possible or available.
– If an employee needs to self-isolate then they may be able to get a Test and Trace Support Payment of £500: this reduces the risk of the virus spreading in a workplace.
– Tax reliefs may be available for some businesses, including those whose employees now work from home.
– Self-employed people may be eligible for the Self-Employment Income Support Scheme.
Torbay Council is working with TDA to develop an action plan for Torbay’s economic recovery, including plans for when high streets can fully reopen.
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