The Government is making additional funding available to allow us to further support Small Business. This money is in addition to the Small Business Grants Funds and the Retail, Hospitality and Leisure Grants Fund announced last month.
We will use this funding to support the following prioritised businesses:
- Small businesses in shared offices or other flexible work spaces e.g. industrial parks, science parks, incubators etc, which do not have their own business rates assessment
- Regular Market Traders who do not have their own business rates assessment
- B&Bs which pay Council Tax instead of business rates
- Charity properties in receipt of charitable business rates relief which would otherwise have been eligible for Small Business Rates Relief or Rural Rate Relief
The Government has also given us the discretion to make support payments to businesses outside of the above list.
These grants can only go to:
- Businesses with ongoing fixed building-related costs
- Businesses which can demonstrate that they have suffered a significant fall in income due to the Covid-19 crisis
- Business with fewer than 50 employees
- Businesses that were trading on or before 11 March
In addition, businesses which are eligible for the existing grant schemes or Self-employed Income Support Scheme will be ineligible. Businesses which received the Small Business Grant Fund (where businesses in England who are in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief (RRR) in the business rates system were eligible for a payment) are also ineligible for this Discretionary Grant Fund.
The Local Authority Discretionary Grants which the council will award will be capped to a maximum of £25,000.
You can get further information about the top-up to local business grant funds scheme on the government website.