Insight

Small business grants: new guidance and funding

Guidance for businesses with details of the Small Business Grants Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF) have been updated with news of additional funding.

These extra funds are aimed at small businesses with ongoing fixed property-related costs. The Government is asking local authorities to prioritise 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.

However, local authorities may choose to make payments to other businesses based on local economic needs and the allocation of funding will also be at the discretion of LAs.

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.

There will be three levels of grant payments with a maximum of £25,000. LAs will have discretion to make payments of any amount under £10,000 and it will be up to individual councils to adapt this approach to local circumstances.

You can find out more here: Top-up to local business grant funds scheme (2May 2020)

https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme.

Coronavirus (COVID-19): Business support grant funding – guidance for businesses (1 May 2020)

https://www.gov.uk/government/publications/coronavirus-covid-19-business-support-grant-funding-guidance-for-businesses?utm_source=94ceeb8f-4d71-41af-afc9-cc8953b88f23&utm_medium=email&utm_campaign=govuk-notifications&utm_content=daily.

As of 27 April, over £7.5 billion has been paid out to over 614,000 business properties via the SBGF and RHLGF schemes. This is over 61% of the grant funding allocated to local authorities so far.

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