Coronavirus: Local Business Grants Top-Ups…
On Saturday 2nd May 2020 the government announced that a discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.
The 5% top up to the local business grant funds scheme is aimed at closing the gap for businesses that don’t qualify for the existing business rates relief.
The fund is aimed at small businesses (less than 50 employees) with ongoing fixed property-related costs that can demonstrate they have seen a significant drop in income due to Coronavirus restriction measures.
The amount to be received by each local authority is yet to be confirmed.
However, payments will be made at the local authority’s discretion based on economic need.
The maximum grant is £25,000 there are also £10,000 grants and local authorities have discretion to make payments of any amount under £10,000.
The Government has asked local authorities to prioritise:
– businesses in shared spaces
– regular market traders
– small charity properties that would meet the criteria for Small Business Rates Relief
– bed and breakfasts that pay council tax rather than business rate.
Businesses eligible for current grant schemes will not be eligible for this new one.
Further updates to the above information will be made once available.