Starting a new business? Get 40% off our accountancy services for 3 months! ūüėÄ

x

The Scottish Government have announced a series of measures to support Scottish businesses affected by COVID-19.

What help is available for Scottish businesses?

There are three funds available specifically for Scottish businesses affected by the economic impact of coronavirus COVID-19.

What is the Newly Self Employed Hardship Fund?

The £34 million Newly Self Employed Hardship Fund provides a £2,000 grant for newly self-employed people in Scotland who are not eligible for other COVID-19 support schemes.

It’s intended to fill the gap for those ineligible for the Self-Employed Income Support Scheme (SEISS), having only worked as self-employed since April 2019. As such, you’ll only be eligible¬† for the NSEHF if you became self employed on or after 6th April 2019.

Similar to SEISS, the Newly Self Employed Hardship Fund requires that more than 50% of an your income comes from self-employment, and that trading profits were below ¬£50,000 in 2019-20. Applications should be made through your local authority’s website, with more information available on the Find Business Support website.

What is the Creative, Tourism & Hospitality Enterprises Hardship Fund?

The Scottish Government are also making a ¬£20 million fund available to support Scottish small and micro businesses who operate within creative, tourism or hospitality industries. The fund, which is to be managed by the Enterprise Agencies, is available to businesses who aren’t receiving other forms of COVID-19 support apart from the Coronavirus Job Retention Scheme.

In order to be eligible for the Creative, Tourism & Hospitality Enterprises Hardship Fund, your company must employ fewer than 50 employees, and have experienced a loss of at least 50% of current or projected revenue. The scheme is also only available to those who are struggling as a result of the coronavirus crisis, so applicants must not have been in financial before 31 December 2019. Learn more about the fund, including how to make an application.

What is the Pivotal Enterprise Resilience Fund?

The fund is intended to provide grants to viable Scottish businesses who are vulnerable to the economic effects of COVID-19. The £45 million fund will be available to those considered vital to the economic foundations of Scotland. Each grant will be provided on a bespoke basis to businesses employing fewer than 250 people, that were viable apart from the impact of coronavirus.

Like the Creative, Tourism & Hospitality Enterprises Hardship Fund, it’s only available to businesses which weren’t struggling financially before 31st December 2019. The eligibility criteria restrict the fund to those businesses that are key to the economic prosperity of Scotland, or who are otherwise essential, such as suppliers to the NHS. Learn more about the fund.

For more information about support for businesses affected by coronavirus COVID-19, visit our Business Support Centre.

About The Author

Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible.

0 Comments
Inline Feedbacks
View all comments

Read more posts...

Information for Employers about the Job Support Scheme (Open and Closed Schemes)

Our guide to the Job Support¬†Scheme Open and JSS Closed¬†for employers affected by coronavirus COVID-19. The Job Support Scheme was announced as…

Read More

Does My Startup Need a Website?

All new start-up businesses wonder whether they need a website. It’s true that plenty of businesses benefit from having a good site,…

Read More

Understanding Accountancy Terms: Liability

In our ongoing series of accountancy FAQs we explain accounting jargon to help small business owners. In this article we explain exactly…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure