Even though most COVID grants have now ended, there are still opportunities to receive funding to help your business bounce back.
In this blog we’ll cover the Omicron Hospitality Grant, and Business Growth Grants
1. Omicron Hospitality Grants
The grant is for businesses in the hospitality, retail and leisure sector.
The business must have more than 50% of their main income from hospitality, retail or leisure.
You must be able to prove that you were trading on 30 December 2021.
How much can I get?
The grants are between £2,500 and £250,000, and are based on the rateable value of your business premises:
- rateable value of £15,000 or less: a grant of £2,667
- rateable value over £15,000 and less than £51,000: a grant of £4,000
- rateable value of £51,000 or above: a grant of £6,000.
How do you prove you’re trading?
- The business continues to trade, including online, via delivery services etc.
- The business is not in liquidation, dissolved, struck off or in the process of being struck off
- The business is engaged in business activity, including preparing COVID safe measures
When do I need to apply by?
- Applications open on 30 December 2021, and close on 18 March 2022.
- Funds should be paid out by 31 March 2022.
How do I apply for the grant?
- You will need to apply via your local authority website.
- HMRC has a search tool here, you just need to enter your postcode.
Do I have to pay tax on this grant?
Yes, all COVID grants are taxable, and this grant should be included on your 2021/2022 tax return.
Definition of hospitality business
- A business whose main function is to provide a venue for the consumption and sale of food and drink.
- Businesses offering in-person food and drink services to the general
- Businesses that provide food and/or drink to be consumed on the premises, including outdoors.
This does not include: food kiosks and businesses whose main service (more than 50%) is a takeaway
Definition of leisure business
- A business that provides opportunities, experiences and facilities, in particular for culture, recreation, entertainment, celebratory events and days and nights out.
- Businesses that may provide in-person intangible experiences in addition to goods.
- Businesses that may rely on seasonal labour.
- Businesses that may assume particular public safety responsibilities.
- Businesses that may operate with irregular hours through day, night and weekends.
Definition of an accommodation business
- A business whose main lodging provision is used for holiday, travel or other purposes.
- Businesses that provide accommodation for ‘away from home’ stays for work or leisure purposes.
- Businesses that provide accommodation for short-term leisure and holiday purposes.
2. Business Growth Grant
The Business Growth Programme 2 (BGP2) is designed to strengthen supply chains, stimulate innovation and help businesses grow.
- The BGP2 grant is open to applications until 9 March 2022
- Then the next applications open 16 March 2022
- Here we’ll focus on the grants available for West Midlands’ businesses, but if you contact your local authority, they will be able to confirm grants in your area.
- Grants are available from £2,500 to £1,000,000 for eligible businesses
Who is eligible?
- The Grant is open to B2B businesses (where your customers are business owners, not the general public)
- Start ups Small to Medium sized Enterprises (SMEs) moving into our located in the Marches LEP area.
- Existing BSB SMEs moving into or located in the Greater Birmingham and Solihull, and The Marches LEP areas.
- The list of eligible and not eligible industries is quite lengthy, but you can download it here, and see if your business is included.
- Your customer should be other businesses, and not the general public.
- You can also see case studies here.
How much can I apply for?
This depends on the size of your business, and what costs you need the grant for:
Grants towards capital expenditure, relocation and expansion
- Small businesses (up to 49 employees) should get 30% of the full cost
- Medium businesses (50 to 249 employees) should get 20% of the full cost
New product development, market development and building information modelling (BIM)
- Small or medium businesses should get 50% of the full cost
Please be aware that you will need to show that you can finance the full cost before receiving the grant.
How do I apply?
- Download the grant application here.
- You must submit your application, and any supporting information by 9 March 2022.
- You must be able to prove that new jobs will be created.
What to do now
Whether you’re eligible for the grants above or not, we would urge you to get a plan in place for the future.
We’ve been through such a time of uncertainty, but now it’s time to take a step back, take a deep breath, and consider these questions:
- Where are you now?
- Where should you get to in the next 12 months
- What do you need to do to get there?
- Make a plan to get there.
- Measure and monitor regularly against the plan!
The most successful way of doing this is to have an accountability buddy. It could be a friend, a colleague running their own business, or it could be us!
Get in touch now to start taking back control of your future!