Goldsmiths' COVID-19 Fund FAQ
What are the key features of the Fund?
- Applications are only open to individuals.
- We will award grants at a fixed amount of £1,500. (Note: loan values are still to be determined)
- In these unprecedented times our team will be working extremely hard to turn applications around in days rather than weeks. Applicants can expect to wait no longer than two weeks from submission of their application to receiving funds in their bank accounts, if successful. However, we may need to adjust these timeframes depending on the volume of applications we receive. Please keep an eye on the website for information.
- Applicants must be able to demonstrate that they are facing financial difficulty because of the COVID-19 crisis.
What are the key eligibility criteria?
- I currently reside in the United Kingdom of Great Britain and Northern Ireland.
- I am in full-time or part-time employment, employed by my own Limited company or as a sole trader/self-employed business, working primarily with precious metals in the UK jewellery industry. ‘Primarily’ means at least half of the business turnover relates to precious metals.
- This employment normally provides at least 50% of my personal income.
- PAYE/NI returns for this employment are submitted to HMRC relating to my income, taxes and national insurance contributions (whether as a self-employed person/sole trader, or as an employee of my own Limited company).
- I am experiencing financial hardship because of COVID-19 or expect to within the next three months. By ‘hardship’ we mean difficulties or worries around meeting your normal financial commitments.
- I registered as being self-employed/sole trader for this employment in or before 2019, or my Limited company for this employment was incorporated in or before 2019.
- I/my business employs no more than four people (full-time or on a part-time equivalent), including myself.
- The last full year’s accounts for this business show turnover of below £200,000. If the business does not yet have a full year’s accounts, this can be the anticipated turnover for the current year.
How will I know if I am eligible for a grant or loan?
Anyone who wants to apply for a grant or a loan will need to complete an eligibility questionnaire, which will give them an immediate response. If successful, you will be directed straight to the online application form. If unsuccessful, you will be signposted to other useful resources and could still apply for a loan when that scheme opens.
How do I apply for a grant?
There are 3 stages to the application process:
Stage 1 – complete the eligibility questionnaire. This will enable you to assess whether you are eligible to apply for a grant. If you are eligible, you will proceed immediately to the grant application form in Stage 2.
Stage 2 – complete and submit the grant application form online.
Stage 3 – you will be notified by email whether your grant application has been approved.
How much can I apply for?
The grant value is fixed at £1,500, payable in three equal monthly instalments of £500.
Should I contact someone in the team to discuss my application beforehand?
Anyone who wants to apply for a grant should complete the eligibility questionnaire before contacting the team.
Where can I get help with my application?
Application queries should be emailed to e: firstname.lastname@example.org. We will aim to respond to your query within 24 hours. We can only respond to queries via email from individuals who have completed the eligibility questionnaire and have started or completed the application process.
What is the deadline for applications?
Applications for a grant will close wk'c 4 May (the third and final grant application window). There is a limit to the number of grants we can award. An initial £1 million was allocated to the Fund, which includes grant. This is being kept under review.
What do I need to apply for the Fund?
- A unique Taxpayer Reference Number (UTR)
- Annual turnover; number of employees
- Company registration number if applicable
How soon will I know if I am successful?
In these unprecedented times our team will be working extremely hard to turn applications around in days rather than weeks. Applicants can expect to wait no longer than two weeks from submission of their application to receiving funds in their bank accounts, if successful. However, we may need to adjust these timeframes depending on the volume of applications we receive. Please keep an eye on the website for information.
My application was turned down, can I reapply?
If you have applied unsuccessfully for a grant, there is curently no other financial assistance available through the Goldsmiths’ Company Charity. But we can recommend the following useful resources [insert link].
I have already received a grant? Can I apply again?
No. We will only accept one application per person.
How will my application be assessed?
All applications will be reviewed by our Charity team upon successful submission.
If I am successful, are there any conditions tied in with the grant?
Applicants for a grant must meet the eligibility criteria. The £1,500 grant is payable to the recipient in three equal instalments (£500) over three months.
How do I claim payment once successful?
All applicants will be asked to provide their bank account details in the online application form. This will be stored securely. If successful, you will be sent an email confirmation. We aim to make a payment into your designated bank account as soon as possible. Unsuccessful applicants’ bank details will not be held on our system and will be destroyed.