Small Business Assistance Scheme for COVID: Who Qualifies and What You Get
Learn if you qualify for financial grants to cover fixed costs if your business turnover has dropped significantly due to restrictions.
This scheme provides financial support to help small businesses manage their fixed costs during periods of significant disruption.
Who it's for
This scheme is specifically designed for sole traders who have seen a significant drop in their business activity. To qualify, you must be able to demonstrate that your business turnover has seen a reduction of 75% due to the impact of restrictions. This is intended to support those who have been self-employed and have seen their income fall sharply because of these external circumstances.
What you get
If you meet the eligibility criteria, you can receive a direct financial grant. This money is intended to help you cover your fixed costs, which are the essential expenses your business must pay regardless of how much income you are generating. This support is designed to provide a buffer to help keep your business operations running during difficult times.
What it costs you
While the grant itself is financial support, there is an administrative cost in terms of the documentation you must prepare. To complete a successful application, you will need to provide detailed bank statements that track your income and spending. Additionally, you will need to provide tax clearance certificates to prove your standing with the relevant tax authorities. Ensuring these documents are accurate and ready is a necessary part of the process.
The catch to know
The most important thing to remember is that the verification process is very strict regarding your turnover proof. You cannot rely on estimated figures or rough guesses regarding how much your income has fallen. The authorities require concrete, verifiable evidence of your turnover reduction; if you provide estimates rather than documented proof, your application will be rejected.
How to apply
- Gather all necessary documentation, specifically your detailed bank statements.
- Ensure you have your official tax clearance certificates ready to present.
- Compile all evidence required to provide official turnover proof.
- Submit your completed application and supporting documents through the official government channels.