If you are a Director of an insolvent company an Additional Restrictions Grant might assist and Oliver Elliot can help you address your claim and concerns arising from the insolvency and the impact of restrictions.
Covid-19 Business Help
The Additional Restrictions Grant (ARG) provides local councils with grant funding to support businesses that are severely impacted by restrictions, and that may or may not be in the business rates system.
Local councils can determine which businesses to support and determine the amount of funding provided from the ARG scheme.
Local councils have the freedom to determine the eligibility criteria for these grants. However, we expect the funding to help businesses that are severely impacted by the restrictions.
Local councils are encouraged to support:
- businesses from all sectors that may have been severely impacted by restrictions but are not eligible for the Restart Grant scheme, including those which do not pay business rates
- businesses from sectors that remain closed or severely impacted by the extended restrictions, even if those businesses have already been in receipt of Restart Grants. This may include the travel and tourism sector, wedding industries, nightclubs, theatres, events industries, wholesalers, English language schools, breweries, freelance and mobile businesses including caterers, events, hair, beauty and wedding related businesses
Businesses excluded from the fund
You cannot get funding if:
- your business is in administration, insolvent or has been struck off the Companies House register
- you have exceeded the permitted subsidy allowance
You must notify your local council if your situation changes and you no longer meet the eligibility criteria, for example, if you become insolvent.
The new domestic subsidy allowance for the COVID-19 business support grants took effect on 4 March 2021. Applications made prior to that date are subject to the previous rules.
This scheme is covered by 3 subsidy allowances:
- Small Amounts of Financial Assistance Allowance – you’re allowed up to £335,000 (subject to exchange rates) over any period of 3 years
- COVID-19 Business Grant Allowance – you’re allowed up to £1,600,000
- COVID-19 Business Grant Special Allowance – if you have reached your limits under the Small Amounts of Financial Assistance Allowance and COVID-19 Business Grant Allowance, you may be able to access a further allowance of funding under these scheme rules of up to £9,000,000, provided certain conditions are met
Grants under these 3 allowances can be combined for a potential total allowance of up to £10,935,000 (subject to exchange rates).
How to apply
Visit your local council’s website to find out how to apply.
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