This week, the Government announced an additional £20 million of support for small and medium businesses to help with the recovery from Coronavirus. The money will be used for new technology, new equipment, and advice.

The funds have come from the European Regional Development Fund (ERDF) and will be allocated by the Local Growth Hubs. At least £250,000 has been allocated to each hub.

If you want to know precisely how much this allocates to your region, you can look at this table here.

In the Liverpool City Region, there is an amount of £839,517. A very precise amount!

The grants will be between £1,000 and £5,000. Typically, the grant will be £3,000 but will be assessed on a case-by-case basis.

The idea is that the grants will be for a direct response to the impact of coronavirus and will include:

  • The provision of “one to many” events to provide help and guidance in responding to COVID-19
  • The purchase of minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify
  • Specialist professional advice, for example accountancy, human resources, digital & IT, legal, and finance.

There isn’t a huge amount of additional information yet, but locally it will be delivered by the Liverpool City Region Local Growth Hub. Keep an eye on their website here for more details and, of course, we’ll be keeping you updated.

The grants must be awarded by 20 February 2021 and must be spent by 31 March 2021.

We’ll keep you updated as more details emerge. On the financial side, a lot of our clients are really seeing the benefit of an up to date cashflow forecast to help plan for the next 12 months, so it would be very useful if some of this grant could be used to provide this to a lot more businesses.

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Any questions?

If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant