Hyslop Announces £100 Million Fund in Covid – 19 Economy Plan
Local Constituency MSP for Linlithgow, Fiona Hyslop, has set out the steps of the Scottish Government’s Covid-19 Economy Plan at Holyrood this week (Tuesday, 21st April) in her role as Cabinet Secretary for Economy, Fair Work and Culture. This includes a £100m fund that will support the newly self-employed and firms suffering hardship and will be paid in early May. Those looking to apply for this fund can do so by the end of this month.
“On Tuesday, I set out the 4 steps of the Covid-19 Economy plan: Response. Re-set. Restart. Recovery. In my role as Economy Secretary I have been building consensus on this and what will be involved with a number of different businesses, industries and unions in recent weeks.
“This funding is intended to relieve the hardship of individuals and smaller firms that are ineligible for support from the UK Government or are not in receipt yet of the funds they need to survive. Because of the decisions the Scottish Government has taken, thousands more self-employed people and small businesses will be able to benefit from support compared with elsewhere, and we have been able to help sectors of the economy that are not being supported in other parts of the UK.
“As well as dealing with this immediate crisis, we must look to the future. We must ensure that those businesses with a part to play in strengthening resilience in Scotland’s economy survive this crisis and thrive in future, which is why £45 million is being allocated to those firms.
“I will continue in my Ministerial role to engage with businesses on a regular basis to understand their needs and press the UK Government to deliver for them.”
Further info for Editor:
The £100 million fund to support the self-employed and SMEs announced last week will be broken into three separate funds as follows:
- £34 million Newly Self-Employed Hardship Fund, managed by Local Authorities, will be allocated to the newly self-employed facing hardship through £2,000 grants
- £20 million Creative, Tourism & Hospitality Enterprises Hardship Fund, managed by the Enterprise Agencies in partnership with Creative Scotland and VisitScotland for creative, tourism and hospitality companies not in receipt of business rates relief
- £45 million Pivotal Enterprise Resilience Fund, managed by the Enterprise Agencies for vulnerable SME firms who are vital to the local or national economic foundations of Scotland
The Scottish Government is also providing £1 million to top up Creative Scotland’s Bridging Bursaries in the not-for-profit sector.
The recently self-employed, who are excluded from the UK’s scheme but suffering hardship, will be able to receive £2,000 grants. For creative, tourism and hospitality companies of up to 50 employees not receiving business rates relief, there will be rapid access £3,000 hardship grants or larger grants up to £25,000 where it can be demonstrated support is needed. The support and larger grants for pivotal SME enterprises will depend on the specific need of the enterprise and be developed by the relevant enterprise agency with wraparound business advice and support.