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.

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