Small businesses set to benefit from new top-up grant

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Certain small businesses that fall outside the scope of the business grant funds scheme can now benefit from a discretionary new fund announced by government.

The Business Secretary Alok Sharma and Minister for Regional Growth and Local Government, Simon Clarke, spoke to local authorities in England on 2nd May 2020 to set out that up to £617 million would be made available.

As a result, the top-up local business grant funds scheme has been announced, providing an additional 5% uplift to the £12.33 billion funding previously allocated for the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grants Fund (RHLGF).

The additional fund is aimed at small businesses with ongoing fixed property-related costs and businesses. Local authorities have been advised to prioritise businesses in shared spaces, including regular market traders and small charity properties that would meet the criteria for Small Business Rates Relief.

To be 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, with the maximum being £25,000 and the minimum sitting at under £10,000. Individual councils will be responsible for the amount allocated to each business depending on local circumstances. More information and guidance is expected in due course from government.

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