Scotland announces additional £220 million funding to support businesses

Scottish Government today announced around £220 million of additional grants to support businesses against the effects of COVID-19 pandemic.

The second phase of funding includes £120 million to extend the Small Business Grant scheme to small chains. This will ensure that small business rate payers will be eligible to a 75 percent grant on all subsequent properties, after availing 100 percent grant on the first property.

A further £100 million is earmarked for self-employed people and viable micro and SME businesses in distress due to COVID, but ineligible for other Scottish Government or UK Government schemes.

“We are doing everything we can to support business at this difficult time and we continue to listen to and engage with the sector,” said Finance Secretary Kate Forbes.

“Our support for business now exceeds the £2.2 billion passed on from the UK Government and actively works to fill the gaps in the UK schemes.”

Forbes revealed that around 100,000 businesses are already eligible for the small business grants. The new arrangements for the grant will be in place to receive applications on 5 May.

“Just as we ask the public only to buy what they need in the supermarkets, we are asking businesses who do not need this vital help to refrain from claiming additional support unless absolutely necessary so we can direct as much help as possible to those who need it most,” Forbes added.