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Government Announces Additional Grants For Small Businesses

This blog on grants for small businesses was first published on Monday 04 May 2020 (morning).

On Saturday 02 May 2020, the government announced that the local business grants funds scheme would receive additional monies (5%) to support small businesses who don’t qualify for the existing small business rates relief and therefore did not receive either the £10,000 or £25,000 grant.

This new amendment is aimed at small businesses where there are property costs being incurred.

The government will confirm the amounts for each local authority later this week and more details are expected to be announced.

What We Know So Far

We are aware that government have asked local authorities to prioritise support to those businesses who are:

  • Businesses in shared space – eg. serviced type offices;
  • Regular market traders;
  • Small charity properties that would meet the criteria for Small Business Rates Relief;
  • Bed and breakfast establishments that pay council tax rather than business rates.

One important note is that it appears that local authorities will have discretion on this grant based on economic need.

How much may the grant be?

We believe that the maximum grant will be £25,000 and £10,000 may be common although this is not yet confirmed by the local authorities.

Any one who needs the grant must demonstrate that they have seen a significant drop in income due to the Coronavirus restrictions. At this moment, we are unsure what information will be required although expectations are that this shouldn’t be difficult to prove where applicable.

If you need any support through the crisis, please feel free to call us on 01438 532230 or email us at support@accountingandbeyond.co.uk. We are here for you and if we are not immediately available, we will get back to you at the earliest opportunity. You are not alone. We are in this together. Together we will win the battle.

 

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