Local Business Grants Scheme additional funds announced
6th May 2020On Saturday, the Government announced a top up to the local business grants scheme fund. While details are currently scarce, the scheme is aimed to help businesses that did not qualify for a grant under existing grant schemes.
The fund can be distributed at the discretion of local authorities, but will be aimed at small businesses (in this case under 50 employees) with ongoing fixed property related costs that can demonstrate a significant drop in income due to the restrictions imposed as a result of Coronavirus.
The Government has said that priority will be given to the following businesses:
- Regular Market Traders
- Businesses in shared spaces
- Small charity properties that would meet the criteria for Small Business Rates Relief
- Bed & breakfasts that pay council tax instead of business rates
The maximum grant will be £25,000, however there will also be grants of £10,000 available, and councils will have discretion to pay any amount up to £10,000.
Local authorities will also be able to award grants to businesses other than those listed above, subject to local need.
Further details are expected to be released later this week.
https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme
Disclaimer - All information in this post was correct at time of writing.
