Top-up to local business grant funds scheme

Top-up to local business grant funds scheme

The Government has set up a discretionary fund to accommodate certain small businesses in England previously outside the scope of the business grant funds scheme.

This additional fund is aimed at small businesses with ongoing fixed property-related costs. Local authorities are being asked to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates.

Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.

Local authorities may choose to make payments to other businesses based on local economic need.

The maximum grant will be £25,000.

There will also be grants of £10,000.

Local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.