Extra funding released to support businesses not covered by existing local authority grants.
The government has made up to £617m in funding available for small businesses that have ongoing fixed property-related costs, that will be allocated by local authorities.
This is an additional boost to the Small Business Grants Fund. The government has asked local authorities to prioritise businesses in shared spaces and regular market traders, as well as small charity properties that would meet the criteria for small business rates relief. Funding will ultimately be at the discretion of local authorities, who have the ability to make payments to other businesses based on local economic need.
In order to qualify for funding, a business must have fewer than 50 employees. Business owners must also be able to prove that they have seen a significant fall in income as a result of the restrictions put in place to stop the spread of coronavirus.
The highest level of grant payment available in this new fund is £25,000. The government says that there will also be grants of £10,000, and local councils will be able to make payments of any amount up to £10,000 at their discretion. Those payments will depend on local circumstance, the government says.