Peninsula business owners are being encouraged not to miss out on more than £1m of funding still available to them.

Almost 4,000 businesses in Babergh and Mid Suffolk have already benefited from COVID-19 business grants since March but there is still more than £1m worth of funding available to claim before the scheme closes.

In response to the coronavirus pandemic, the Government launched the Small Business Grant, Retail, Hospitality and Leisure Grant and Discretionary Grant to support businesses through the crisis, however, these will now formally close at the end of August.

The Discretionary Grant has expanded its criteria and is now open to Ofsted registered childminders and retail, hospitality, and leisure (RHL) businesses with a rateable value over £71k.

This is in addition to businesses in shared spaces, B&Bs, market traders, Early Years providers, RHL businesses with rateable value between £51-71k, charities who receive business rate relief as well as small and mobile businesses who employ three or more people.

Eligible businesses will be assessed on a range of factors including business costs, impact of COVID-19 on earnings and number of employees. The funding levels available through the Discretionary Grant have been set individually by each local authority depending the allocation received from Government and in Babergh and Mid Suffolk, they range from £2,500 to £25,000.

Cllr Michael Holt, Babergh District Council's cabinet member for economic growth, said: "The window for businesses to claim any of the COVID-19 business grants is closing very soon and I urge businesses to find out if they are eligible and access the financial support they are entitled to."

Cllr Gerard Brewster, Mid Suffolk Council's deputy leader and cabinet member for economic growth said:

"This is the last opportunity to apply for the business grants which can be claimed by businesses whether they have been open throughout the crisis, have recently opened or are still closed."

Businesses registered in Babergh and meet the following criteria will be able to apply for the Discretionary Grant:

Retail Hospitality and Leisure businesses with a rateable value more than £51k (who were excluded from the previous schemes)

Ofsted registered Early years providers operating from premises with a rateable value of less than £51K who were excluded from previous grant schemes

Ofsted registered childminders

Businesses who provide direct employment to 3 or more people (Not necessarily FTE) with a rateable value under £25K who were excluded from previous grants

Mobile businesses with fixed costs that provide employment to 3 or more people

Businesses with ongoing property cost related to their business for property, such as workshop or storage, not subject to council tax or business rates

Small businesses in shared offices or other flexible workspace

Regular market traders in Hadleigh, Stowmarket and Sudbury

Bed & Breakfasts paying Council Tax instead of business rates who hold a current food license

Charities in receipt of charitable business rates relief

Applications for the Discretionary Grant must be submitted by 5pm on Monday 24 August.

For more information about the Discretionary Grant including criteria and application requirements, or to apply, please visit www.babergh.gov.uk or www.midsuffolk.gov.uk.

Discretionary Grant

To apply for the Discretionary Grant, the following supporting information will be required:

Evidence of property: Property costs are defined as rent, license fees, hire rates, membership subscription that

includes a hot desk within the package, service charges, utilities, rates or mortgage payments above the de minimis level of £150 per month. This should take the form of leases/agreements/memberships showing an obligation to pay and bank statements showing that payments have actually been made.

Mobile businesses should provide evidence of other fixed costs such as vehicles, leases etc

Evidence of employment of individuals continuously from prior to 11th March 2020 to current date (this can include furloughed staff) such as HMRC return, insurances, wage payments, insurances etc

Evidence of loss of income: A signed written statement of the impact of Covid-19 on its financial position and evidence to demonstrate a substantial loss in income as a result of the current situation. This is likely to be in the form of filed accounts for previous years and management accounts/bank statements detailing from the 1 March 2020.

Evidence of complying with the definition of a Small or Micro Business

Confirmation that the business is not eligible or received any grant under the grant schemes.

For any queries about the Discretionary Grant, please contact: [email protected]

More details and an FAQ can be found at Funding Scheme.