money cash pounds support

Businesses in the mobility sector that have been adversely impacted due to temporary local restrictions could be eligible for the Local Restrictions Support Grant (LRSG).

It is available to companies that have not had to close but have been severely impacted due to local Tier 2 or Tier 3 restrictions.

Eligible businesses in England, including mobility retailers and suppliers, may be entitled to a cash grant from their local council for each 14-day period under local restrictions.

Advertisement | Continue story below

Local councils have the discretion to provide grant funding for businesses under this scheme. They will use their discretion in identifying the right businesses to receive this funding, based on their application process.

To apply for these grants, companies should get in touch with their local authority. The deadline to apply for the LRSG scheme is 31 March 2021.

Eligible businesses must have been subjected to Tier 2 or Tier 3 local restrictions since 1 August 2020. They also must have been established before the introduction of Tier 2 or Tier 3 restrictions and have not had to close.

This applies to mobility retailers, after they received official classification from the UK Government that they are ‘essential’, meaning they were not subject to closure.

Companies cannot receive the LRSG if their business is in administration, insolvent or has been struck off the Companies House register or have exceeded the permitted subsidy limit.

The new domestic subsidy allowance for the COVID-19 business support grants took effect on 4 March 2021. Applications made prior to that date are subject to the previous rules.

This scheme is covered by three subsidy allowances:

  1. Small Amounts of Financial Assistance Allowance – businesses are allowed up to £335,000 (subject to exchange rates) over any period of three years
  2. COVID-19 Business Grant Allowance – businesses are allowed up to £1,600,000
  3. COVID-19 Business Grant Special Allowance – if a company has reached its limits under the Small Amounts of Financial Assistance Allowance and COVID-19 Business Grant Allowance, it may be able to access a further allowance of funding under these scheme rules of up to £9,000,000, provided certain conditions are met

Grants under these three allowances can be combined for a potential total allowance of up to £10,935,000 (subject to exchange rates), the Department for Business, Energy & Industrial Strategy (BEIS) states.

Provided by a local authority, the grant will be based on the rateable value of the property on the date of the start of the local restrictions.

If the business has a property with a rateable value of £15,000 or less, it may be eligible for a cash grant of up to £467 for each 14-day period.

If the business has a property with a rateable value over £15,000 and less than £51,000, it may be eligible for a cash grant of up to £700 for each 14-day period.

If the business has a property with a rateable value of £51,000 or above, it may be eligible for a cash grant of up to £1,050 for each 14-day period.

THIIS ROUND-UP
Join the 2,500+ mobility professionals who stay informed with THIIS' twice-weekly industry updates.
We respect your privacy
https://i0.wp.com/thiis.co.uk/wp-content/uploads/2020/04/money-cash-pounds-support.jpg?fit=900%2C600&ssl=1https://i0.wp.com/thiis.co.uk/wp-content/uploads/2020/04/money-cash-pounds-support.jpg?resize=150%2C150&ssl=1Sarah SarsbyBusiness SupportCoronavirus NewsNewsroomRetailer NewsSupplier NewsTrade Newsbusiness support grants,COVID-19 grants,Local Restrictions Support Grant,LRSG,mobility businesses,mobility retailers,mobility sector,mobility suppliersBusinesses in the mobility sector that have been adversely impacted due to temporary local restrictions could be eligible for the Local Restrictions Support Grant (LRSG). It is available to companies that have not had to close but have been severely impacted due to local Tier 2 or Tier 3 restrictions. Eligible...News, views & products for mobility, access and independent living professionals