Further top-up grant funds scheme announced for local businesses in England
A discretionary fund of an additional £617 million has been set up to accommodate certain small businesses in England previously outside the scope of the business grant funds scheme and is to be administered by Local Authorities in England.
This additional fund is aimed at small businesses with ongoing fixed property-related costs. Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
The scheme is prioritised 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. There is further discretion with local authorities able to choose to make payments to other businesses based on local economic need.
The maximum grant level will be £25,000 with grants also available of £10,000 with Local Authorities also having discretion to make payments of any amount under £10,000.
You will not qualify automatically and your local authority will have discretion about how to use these monies so if you fall in to one of the categories and you missed out on the last round of grants you should contact your local authority as soon as possible to register your interest.
More details can be found here.
If you have queries regarding the above, please speak with your usual Baldwins contact.