A further £617 million has been made available to Local Authorities (LAs) grant scheme to help local businesses through disruption caused by Covid-19.
This is an additional 5% uplift to the £12.33 billion funding previously announced for the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grants Fund (RHLGF).
The additional amount is aimed at small businesses with ongoing fixed property-related costs. In particular, LAs have been asked to prioritise grants for:
- 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.
LAs may choose, however, to make payments to other businesses based on local economic need. Overall, the allocation of funding will be at the discretion of LAs.
James Wild MP, said -
Having pushed for local authorities to have extra funding, I am pleased that local businesses who are outside current grant eligibility guidelines might now recieve much needed funds.
Local Authorities are best placed to know who needs this funding across the country. Once the scheme is in place, I am confident that West Norfolk officials will process any applications efficiently. I hope that local businesses, whether a much-loved local pub or popular B&B, will see the benefits as soon as possible.
Eligibility and detail
Businesses must be small (under 50 employees) and they must be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
There will be three levels of grant payments: the maximum will be £25,000, grants of £10,000., and other amounts under £10,000
Further guidance for local authorities will be set out shortly.
