Discretionary Grant Fund
The government have recently announced an additional fund of up to £617 million for local authorities to assist businesses that missed out on the earlier grant funding for shops, hotels, hospitality etc..
This additional fund is aimed at small businesses with ongoing fixed property-related costs. The government are asking 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. Having said this local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the sole discretion of local authorities.
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 but local authorities will have discretion to make payments of any amount under £10,000 and it is expected that most payments will be below this level.
At this moment in time the full details of the scheme which can be found here have only just been released to local authorities so we must wait to see how the applications for these funds can be made.