Coronavirus top up to business grant funds scheme

The Business Secretary has announced an extension to the previously announced Small Business Grant and Retail, Hospitality & Leisure Grants.

The additional funds are aimed at small businesses with on-going property related costs, that do not qualify for the other grants.

Local authorities are being asked to prioritise those businesses in shared spaces, regular market traders and small charity properties that do not meet the criteria for Small Business Rates Relief.  However, Local councils will have the discretion to make payments to other businesses based on local economic need.

To qualify, businesses must be small, under 50 employees, and be able to demonstrate that they have seen a significant drop in income due to the Coronavirus restriction measures.

There will be three levels of grant payments.  The maximum available will be £25,000.  There will also be grants of £10,000.  Local authorities have been given discretion to make payments of any amount under £10,000 to businesses in economic need and councils will be able adapt their approach to local circumstances.

Further guidance will be issued to local councils shortly.