Last updated 4 May 2020
Government launches 'top-up' to small business grant funds scheme
The additional top-up fund is aimed at small businesses with ongoing fixed property-related costs
A discretionary fund of up to £617 million has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.
The additional top-up fund is aimed at small businesses with ongoing fixed property-related costs.
The Government has asked 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.
The allocation of funding will be at the discretion of local authorities and further guidance on how they should administer the scheme will be set out shortly.
Payments will only be made after this guidance has been received.
Eligible 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. The maximum will be £25,000. There will also be grants of £10,000 - local authorities will have discretion to make payments of any amount under £10,000.
As of May 4, more than £50million has been paid out to businesses in Stockport as part of the Government's coronavirus support.
More details will be shared when the council has received the information from the Government.