The local business grant funds scheme is to receive a 5% top-up aimed at offering financial support to those small businesses previously outside the scope of the scheme.
This additional funding is aimed at:
- Small businesses with less than 50 employees;
- Businesses with ongoing fixed property costs; and
- Businesses that are able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
The government will be asking local authorities to prioritise:
- Businesses in shared spaces;
- Regular market traders;
- Small charity properties that would meet the criteria for Small Business Rates Relief; and
- Bed & Breakfasts that pay council tax rather than business rates.
However, local authorities can also choose to make payments to other businesses, based on local economic need.
There will be three levels of grant payment:
- The maximum will be £25,000;
- There will also be grants of £10,000; and
- Local authorities will have discretion to make payments of any amount under £10,000.
Further details on this top-up will be sent out to local authorities shortly.
Additional information on the support available can be found on our Coronavirus Financial Support for Businesses page.