The government have announced an additional top-up fund to the local business grant scheme.
This additional funding is aimed at small businesses with ongoing fixed property costs. They have requested that local authorities prioritise the following businesses;
- Businesses in shared spaces
- Regular market traders
- Small charity properties (that qualify for Small business rates relief)
- Bed and Breakfasts that pay council tax rather than business rates
Although the above have been prioritised, the local authority will have discretion to issue grants to other businesses outside the scope of initial business grant fund scheme with fixed property costs.
To qualify for the grant you must meet the following conditions;
- Must be small with under 50 employees
- Demonstrate a significant drop in income due to the Coronavirus restrictions
There will be 3 levels of grant payment as follows;
- The Maximum will be £25,000
- Amounts under £10,000 at the councils discretion
Additional guidance will be coming in due course and we will, of course, keep you updated. I also include a link below to the government website covering the above.
As always, if you have any queries please do not hesitate to get in touch.