Scheme announced to help small businesses
A discretionary fund has been set up to accommodate small businesses previously outside the scope of the business grant scheme or the Retail, Leisure and Hospitality Grant, with up to £617 million to be made available for local authorities in England.
This additional fund is aimed at small businesses (less than 50 employees) with ongoing fixed property-related costs. There will be three levels of grant payments. The maximum will be £25,000, with other grants of £10,000 available. Local authorities will have discretion to make payments of any amount under £10,000.
Local authorities may choose to make payments to other businesses based on local economic need and the allocation of funding will be at their discretion. Further guidance for local authorities will be set out shortly and we will update this article when we have further news.
Published on: May 12, 2020