Funding can help firms get through crisis, says George
Struggling firms in Paisley are being offered more lifeline cash to help them get through the coronavirus crisis.
Business bosses have announced that a further £220million in grants is being made available to companies and the self-employed, who have been hammered by the shutdown.
The cash injection includes £ 120million to extend the Small Business Grant scheme to ensure that, in addition to a 100 per cent grant on their first property, small business ratepayers will be eligible to a 75 per cent grant on all subsequent properties.
The remaining £100million will be used to protect self- employed people and viable micro and SME businesses.
The money will be channelled through local authorities and enterprise agencies to target newly self- employed people, and firms that are ineligible for other Scottish Government or UK Government schemes.
Paisley MSP George Adam has welcomed this new phase of funding and is positive it will have a huge impact on the lives of many across Paisley.
He said: “I am very pleased by this increased funding and know it will go a long way to easing the financial burden facing many right now.
“For those locally self-employed, I am sure they will be equally pleased that their concerns have been taken on board and their representatives are listening and acting accordingly.
“With the UK Government support not being available until June, the Scottish Government is going further to secure the future economic viability of Scottish businesses and applications will be open by the end of the month.
“These are unprecedented times and it is important now, more than ever, that we all continue to work together and remember what’s important – saving lives and making sure we come out of this stronger together.”
Applications for the £100m fund will be open by the end of the month.
Small Business Grant applications can be submitted after May 5.
Finance Secretary Kate Forbes said the Scottish Government’s main concern is protecting people’s health, but it is clear coronavirus outbreak is having a massive impact on businesses.
She said: “We are doing everything we can to support business at this difficult time and we continue to listen to and engage with the sector.
“Our support for business now exceeds the £ 2.2billion passed on from the UK Government and actively works to fill the gaps in the UK schemes.
“Around 100,000 businesses in total are already eligible for our small business grants and we will be extending that scheme in response to feedback from businesses on the frontline of this economic crisis.
“The creation of a £ 100million fund is to help those micro and SME businesses that face immediate cash flow challenges, are ineligible for other schemes and are the productive base for supporting employment in the future.
“It will also support those newly self- employed people who are ineligible for UK schemes and will be a vital lifeline for many businesses and individuals across Scotland.”