Additional funding announced to help small businesses

Additional funding has been announced to help small businesses which were previously unable to access an emergency coronavirus government grant scheme.

 

On Saturday (2nd May) the Business Secretary Alok Sharma and Minister for Regional Growth and Local Government, Simon Clarke told local authorities in England that up to £617 million would be made available.

 

This is in addition to the £12.33 billion funding previously announced for the Small Business Grants Fund and the Retail, Hospitality and Leisure Grants Fund.  The exact amount for each local authority will be confirmed next week.

 

This new 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.

 

Local authorities may choose to make payments to other businesses based on local economic need, the allocation of funding will be at their discretion.

 

Businesses must be small – under 50 employees – and able to demonstrate a significant drop of income due to coronavirus restriction measures.

 

There will be three levels of grant payments. The maximum 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.

 

We envisage that it may be some weeks until this funding is in place, however we will continue to provide you with updates as we receive them. As ever if you have any queries please do not hesitate to contact hellp@chw-accounting.co.uk


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.

DID YOU FIND THIS USEFUL?

Share it with your network:  

Want more great content?
Sign up to our newsletter

    Follow us

    Tweets by @CHW-accounting

    CHW-Accounting
    @chw-accounting


    Twitter: chw_accounting

    WHAT'S THE NEWS?

    Grab a biscuit and a brew and read our latest news.

    19 February 2024

    Tax changes – What’s new in 2024?

    by

    We are now well and truly into 2024 and before you know it the end of the 2023/24 tax year on 5 April will be upon…


    Read more >

    12 February 2024

    National minimum wage – a quick guide to the...

    by

    The government sets a national minimum wage and a national living wage to guarantee that workers get a minimum standard of pay. It is a legal…


    Read more >

    7 February 2024

    HMRC to target undeclared dividend payments

    by

    HMRC have advised the Chartered Institute of Taxation (CIOT) that they have commenced a ‘One to Many’ letter campaign directed at taxpayers who HMRC suspect may…


    Read more >

    7 February 2024

    One week on from Self-Assessment deadline

    by

    We are now a week on from the self-assessment filing deadline of 31 January and figures show that more than double the number of taxpayers failed…


    Read more >

    5 January 2024

    Cut to National Insurance from 6th January 2024

    by

    From Saturday 6 January, the average earner will be almost £450 a year better off according to the government.  However, the reality is that due to…


    Read more >

    YOUR CHALLENGES

    No matter what your challenge is, we’ve probably dealt with it before.



    Need an Accountant?

    Get in touch >


    Need an Accountant?

    Get in touch >


    Tax issues?

    Find out more >


    Tax issues?

    Find out more >


    Trying to grow your business?

    We can help >


    Trying to grow your business?

    We can help >


    Managing cashflow?

    We can help >


    Managing cashflow?

    We can help >


    Starting a business?

    We can help >


    Starting a business?

    We can help >


    Looking for funding?

    Need help with funding? >


    Looking for funding?

    Need help with funding? >


    Buying or selling a business?

    We can help >


    Buying or selling a business?

    We can help >


    Adopt the cloud?

    We can help >


    Adopt the cloud?

    We can help >


    What else can we do for you?

    We can help >


    What else can we do for you?

    We can help >
    CONTACT US

    Get in touch, no hard sell, just a brew, a biscuit and a chat.