11. Gap Grants
The Gap Grant Scheme is a specialist grant scheme designed to assist businesses facing severe financial difficulty due to cash-flow issues.
To be eligible, businesses must:
- Employ at least 10 (FTE) employees on PAYE (businesses with fewer than 10 employees will be considered in exceptional circumstances)
- Be eligible for or already received either a Local Restrictions Support Grant or Additional Restrictions Grant
- Be able to evidence the business was not in financial distress prior to the COVID-19 outbreak
- Be able to evidence how much grant funding is required to cover their financial gap between the beginning and end of national/local restrictions
- Be able to explain why financial support cannot be obtained from an alternative source, like a bank for example
Businesses who meet the above criteria can email us to express their interest in the scheme.
Those who express an interest who appear to be eligible will be asked to fill out an application form and provide supporting evidence. Teignbridge District Council will seek external guidance to accredit all evidence which is submitted by the business.
The business must demonstrate a clear need for the grant and propose a grant amount which will cover the financial gap.
Grants of up to £50,000 can be requested. Requests above this amount will be considered in exceptional circumstances.
Cash-flow issues caused by business fixed costs will only be factored in from November 2020 up until 3 months from the point of submitting an application, restrictions depending.