The Government has announced a new discretionary support fund for small businesses who have previously not been covered by other Government support schemes (such as business rates holidays or grants).
Known as ‘top-up’ grants, the new funding will cater for businesses with ongoing fixed property costs such as those in shared workspace offices, regular market traders and small charities, as well as bed and breakfasts that pay council tax rather than business rates. Up to £617 million will be made available for eligible businesses and will be delivered in addition the Small Business Grants Fund and the Retail, Hospitality and Leisure Grants Fund.
The grants will be administered by local authorities who will also make decisions on the allocation of funding at their discretion – potentially choosing to make payments based on local circumstances, which could include businesses not specifically mentioned in the guidance.
Eligible businesses must:
– have 50 employees or less; and
– be able to demonstrate they have seen a significant drop in income due to the coronavirus pandemic and lockdown.
Grant payments will range from under £10,000 to a maximum of £25,000, sitting within three levels. The Department of Business Energy and Industrial Strategy has confirmed that local authorities can choose to make payments of any amount below £10,000 depending on local circumstances.
Further guidance on how to access the scheme is expected to be announced in due course, so keep checking the Government’s listing for more information (accessed here).
For more advice on this or any of the other Government support available to your business, please get in touch with your usual PM+M contact or speak to our reception team (01254 679131 / email@example.com).
This information is correct as of 7 May 2020. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.