A top up of £617 million to the Small Business Grant Fund and Retail, Hospitality and Leisure Grant Fund in England has been announced following discussions between the Business Secretary and the Minister for Regional Growth and Local Government.
This new funding will provide grants of £10,000 or £25,000, depending on the nature of the business and rateable value.
This additional funding is for businesses outside of the original criteria and will be made available to assist small businesses with ongoing property related costs, with a priority for those in shared spaces, market traders, small charity properties, and also bed and breakfasts which pay council tax rather than business rates. This is a discretionary scheme operated by local authorities, so other businesses in need may also benefit.
At present, eligible businesses will have fewer than 50 employees and will need to be able to prove they have seen a significant drop in income due to coronavirus restrictions.
Grants are anticipated at the same level as the existing schemes, however with the added discretionary nature of the top-up, smaller grants of less than £10,000 are also likely to be available.
Once the Government has issued guidance to local authorities on the administration of the scheme, we will update our online hub, but this is likely to be a lifeline to businesses ineligible for the original schemes. For updates direct to your inbox, register for our email newsletter here.
For our latest COVID-19 news and guidance for your business, visit our dedicated Coronavirus Hub.
We will be updating it regularly as we continue to monitor and digest all the latest information
Date published 4 May 2020 | Last updated 4 May 2020
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