Restrictions Business Fund: Local Discretionary Grant: Phase 2 now open for applications

Applications are now open for the second round of the Discretionary Grant aimed at supporting  sub VAT sole traders without a property who are materially impacted (>40% reduced turnover) as a result of the restrictions. The fund can provide a grant of £2,000 and eligible Torfaen businesses will need to submit an application to access the fund.

The full Guidance notes and the application form can be accessed via Torfaen County Borough Council website

The Welsh Government has opened the Restrictions Business Fund to support small businesses and sole traders that have been directly impacted by the extended restrictions announced by the First Minister on 29th January 2021 needed to control the spread of Covid-19. The purpose of the grant is to provide businesses with cash flow support and to help them survive the economic consequences of the extended restrictions. Businesses can only apply for one discretionary fund grant under this extended scheme.

The Discretionary Grant is available to businesses required to close or significantly impacted by the restrictions. Businesses that meet the eligibility criteria set out in the guidance document and are able to declare a 40% or more reduction in their estimated turnover for the extended restrictions period as compared to an equivalent restriction free trading period prior to 23rd March 2020 may apply.

  You are not eligible for the Discretionary grant if:  

•    You are eligible for, or have received a Non-Domestic Rate Grant from your Local Authority
•    You received support from the Welsh Government ERF grant schemes
•    If the business generated less than 50% of your income (the business must be your main source of income).

 Applications will be dealt with on a first come first served basis. This may lead to applications not being appraised after they have been submitted if the fund is fully committed.

Posted on: Wednesday 10th February 2021